Air cargo market quiet but volumes, spot rates moving up: TAC Index
Out of China, trends were mixed – rates to the U.S. were rising but falling slightly on lanes to Europe.
After plenty of volatility, last week was a relatively quieter period for global air freight, according to the latest data from TAC Index. The global Baltic Air Freight Index calculated by TAC was unchanged in the week to March 10, still ahead by +6.2 percent year-on-year.
"Volumes and spot rates, however, appeared to be rising again in recent days – though it was not clear if that reflected some attempted front loading ahead of higher tariffs and/or other trade restrictions shippers fear – or the market is getting back to normal following recent disruptions."
Out of China, trends were mixed with rates to the U.S. rising but falling slightly on lanes to Europe, the update added. "The index of outbound routes from Hong Kong – still the biggest airport in the world by cargo volume – were up +2.5 percent and still ahead by +12.1 percent YoY. Rates out of Shanghai were a little softer, down -2.1 percent WoW to leave the index only narrowly ahead by +2.9 percent YoY. Rates on other lanes from Asia including from Vietnam, Bangkok and Seoul were mostly up, though largely unchanged out of India both to Europe and the U.S."
From Europe, rates were mostly falling on routes to the U.S. and Japan, though flat overall on lanes to China. The index of outbound routes from Frankfurt declined one percent WoW. The outbound London Heathrow index dropped -7.9 percent WoW, dragged down by declines on most major lanes, the update added.
From the Americas, the index of outbound routes from Chicago edged up +1.1 percent WoW helping to push its gain to +8.4 percent YoY. Overall rates out of the U.S. were rising again both to Europe and to China as well as on lanes to South America.
