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from Oct . 1 to March 31 , down from July ’ s forecast of $ 500 million . Matson ’ s net income surged 66 % year over year in the third quarter to $ 199 million . The US-based carrier is expecting elevated rates for its Asian services for the rest of the year amid steady e-commerce growth , US tariff threats , potential labor disruption and ongoing Red Sea diversions .
China outbound air rates hit record high
Average air cargo rates from China to North America and Europe have hit their highest levels this year as peak season demand and cargo flows in preparation for November ’ s e-commerce online promotions begin to gear up . In the week ending Nov . 1 , the rate from Shanghai to North America reached $ 6.79 per kilogram , up 7 % week over week and 30 % year over year , according to the Baltic Air Index ( BAI ). Shanghai-North Europe rates during the same period hit $ 4.85 per kg , up 9 % sequentually and 18 % from the same week last year . “ Alongside e-commerce growth , the launch of new electronic goods and products has driven prices upward ,” Kathy Liu , vice president of global sales and marketing at Taiwan-based forwarder Dimerco Express Group , said in a market update . “ The traditional peak season began
in mid-October , immediately following China ’ s Golden Week holiday . November is anticipated to be the peak month of 2024 , particularly for shipments destined for the US and Europe .” Air cargo on the main Asian routes to North America and Europe has effectively been in peak season mode all year with the volume dominated by China ’ s e-commerce exports . Global air cargo recorded double-digit percentage year-overyear demand growth in all 10 months through October and is on track to finish the year up around 14 % year over year , according to rate benchmarking platform Xeneta .
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