Global air freight prices continue to edge up, according to the latest data from TAC Index. “The overall Baltic Air Freight Index calculated by TAC rose another 0.9 percent in the week to April 1, a fifth successive weekly rise, helping to trim its decline over 12 months to only -16.5 percent,” says the latest update.
Despite lower rates on some lanes during Ching Ming festival week in China, the overall rise continues to be driven largely by the biggest lanes out of Asia. “The index of outbound routes from Hong Kong gained another 4.3 percent WoW, putting it in positive territory by +0.5 percent YoY. Outbound Shanghai also edged up another 0.1 percent WoW, leaving its YoY decline at only -5.1 percent. There were also strong gains again out of Vietnam, both to Europe and the U.S. as well as from Bangkok to Europe and from India to Europe.”
Europe, US continue to be weak
Out of Europe, however, rates continue to be a long way below last year’s levels, the update added. The index of outbound routes from London Heathrow did rise 2.8 percent WoW, boosted by higher rates to South East Asia, but is still down at -43.5 percent YoY.
Outbound Frankfurt dropped again by -6.8 percent WoW with rates falling on many lanes to leave it with a YoY decline of -42.6 percent.
From the Americas, the outbound Chicago index slipped -2.5 percent WoW to leave it at -32.8 percent YoY. Overall rates out of North America were higher to China and South America but lower to Europe, the update added.