Air freight rates down 3%, no major impact of global IT outage
After holding up strongly in recent weeks, rates out of China eased both to Europe and North America.
Global air freight rates eased 2.7 percent in the week to July 22, according the latest data from TAC Index.
"There was no immediate impact visible yet in the data from the major global IT outage that occurred late in the week when thousands of flights were cancelled though that may be seen in the weeks to come with so many planes and crews displaced."
After holding up strongly in recent weeks – with the market maintaining a firmer tone than usual in the summer – rates out of China eased both to Europe and North America. The index of outbound routes from Hong Kong dipped a little WoW with rates lower on most major lanes – though still up by +24.1 percent YoY. The outbound Shanghai index dropped more than three percent WoW but is still up +33.4 percent YoY. Rates out of both India and Vietnam were falling back on lanes to the U.S., though a little higher yet again to Europe.
The index of outbound routes from Frankfurt declined -6.5 percent WoW to leave it lower by -21.6 percent YoY. Outbound London dropped -6.9 percent WoW to leave it down by -24.4 percent YoY. Rates to the U.S. were on the rise from both locations but lower on most other lanes.
From the Americas, the index of outbound routes from Chicago bucked the downward global trend with a modest rise of +0.4 percent WoW, leaving it lower by -21.4 percent YoY. Overall rates from the U.S., however, were falling both to Europe and to China though rising again to South America.
