Rates were up 155% compared to October 2019 despite no clear signs of a surge in demand for capacity.
Comparing figures to pre-Covid levels from 2019, demand for chargeable weight rose 3% but the dynamic load factor, measuring the volume and weight of cargo flown and capacity available remained lower than expected at 68%.
Available capacity was 13% lower than in 2019 but the dynamic load factor was down three percentage points.
International rates rose 10% with flights from Asia Pacific to Europe remaining full to capacity, lifting rates a further 20% over September, and Asia Pacific to North America rates reached a double-digit level per kilo.
Westbound load factors out of Asia Pacific was 91% and Eastbound was 89%.
Spot rates for some mid-tier Asian markets into Europe were high at $9-10 per kg but Hong Kong was around $7 per kg.
Niall van de Wouw, Managing Director of CLIVE says demand was not as high as some stakeholders had feared, and load factors of 68% indicates the final sprint to the year end has not started.
He says: “October was a steady month in the market overall with some strong seasonality factors, but the dynamic load factor was lower than anticipated given the strong week-over-week increases we reported in September. A global dynamic load factor of 68% does show how efficiently the market is currently operating in terms of matching supply and demand.”