Global airfreight rates are “maintaining their recent firmer tone” according to air cargo price reporting agency TAC Index.
Its overall Baltic Air Freight Index (BAI) edged up a further one per cent in the week to 8 April 2024, a sixth successive weekly gain leaving it lower by only minus 10.6 per cent over the past 12 months, a statement reveals.
“Activity is often a little quiet around the [Chinese] Ching Ming festival, which occurred on 4 April 2024, but rates out of China kept on edging up – with the index of outbound routes from Hong Kong gaining another 0.7 per cent week-on-week (WoW) to leave it ahead by 7.7 per cent year-on-year [YoY],” says TAC.
“Outbound Shanghai also edged up another 1.1 per cent WoW to leave it narrowly ahead by 0.7 per cent YoY. But the biggest price action out of Asia again occurred from the very hot market of India, with further large increases WoW on rates both to Europe and to the USA – as well as from both Bangkok and from Vietnam to Europe,” it continues.
Out of Europe, rates have shown a firmer tone. The index of outbound routes from Frankfurt was up 2.6 per cent WoW in the period, led by gains on rates to North America, leaving it at minus 38.3 per cent YoY. Outbound London edged up by 1.5 per cent WoW, also led by gains to North America, leaving that index at a very similar looking minus 38.8 per cent YoY. Overall rates from Europe were also gaining strongly on lanes to Japan.
“From North America, the index of outbound routes from Chicago was roughly flat at zero per cent WoW, with gains on rates to Europe offsetting falls on other lanes to leave it at 26.6 per cent down YoY. But overall rates from the USA have been falling WoW on most lanes, including to China as well as to South America.”
