Air cargo rates steady ahead of Golden Week in China

"Too early to tell if demand will be weaker than previously expected when we enter the traditional peak season."

Air cargo rates steady ahead of Golden Week in China
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Global air freight rates were little changed overall last week (September 23), according to the latest data from TAC Index.

"The overall Baltic Air Freight Index eased down by -0.3 percent, leaving it ahead +9.4 percent over 12 months. Sources said the market was relatively quiet for the period leading into Golden Week in China – when rates usually rise a little – though too early to tell if demand will be weaker than previously expected when we enter the traditional peak season."

Rates out of China were generally higher WoW to Europe but lower to the U.S. – though now up about the same amount in both directions over 12 months, the update added. "The index of outbound routes from Hong Kong was lower -0.3 percent WoW – exactly in line with the global index – though ahead much more YoY by +18.7 percent. Outbound Shanghai edged up +0.5 percent WoW to leave it ahead by +21.3 percent YoY."

There were also further gains on rates to Europe from Bangkok and Seoul while rates from India and Vietnam were little changed to Europe but rising again to the U.S.

Most of the major outbound indices were falling, one exception being Frankfurt, which gained +5.7 percent WoW led by higher rates to China and to South East Asia, trimming its decline YoY to -11.7 percent. Overall rates from Europe were rising to China, Japan as well as to the U.S, the update added.

From the Americas, the index of outbound routes from Chicago slipped by -3.6 percent WoW, leaving it languishing down -23.5 percent YoY. Overall outbound rates from North America were generally holding firm – up WoW both to China and to Europe and flat to South America.

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