Global air freight rates continue to rally despite the very mixed outlook for trade and markets, according to the latest data from TAC Index.
“The global Baltic Air Freight Index calculated by TAC was up another +2.3 percent WoW over the week to March 24, leaving it ahead by +3.5 percent YoY.”
Rates out of China were higher again last week on lanes both to Europe and to North America, leaving them still close to levels of 12 months ago, the update added. “Outbound Shanghai was up a further +6.2 percent WoW – leaving it up by +3.4 percent YoY. Elsewhere from Asia, trends continued to be more mixed with falls on lanes to Europe from Vietnam, Bangkok and Seoul, and falls this time on lanes from India both to Europe and the U.S. By contrast, rates from Vietnam to the U.S. continued to increase.”
From Europe, rates were generally falling last week, including on lanes to China, Japan and the U.S., the update added. “However, the index of outbound routes from Frankfurt bounced back from recent falls with a gain of +9.5 percent WoW, boosted by gains on most major lanes, pushing that index back into positive territory at +10.3 percent YoY. Outbound London Heathrow dropped -15.6 percent WoW pulling it down by -8.7 percent YoY.”
Out of the Americas, the index of outbound routes from Chicago gained +5.8 percent WoW, led by higher rates on lanes to South East Asia to leave it at +12.7 percent YoY. Overall rates from the U.S. were generally higher on lanes to Europe and Latin America, but a little lower on lanes to China, the update added.
