Air freight rates stay firm, peak season bounce likely: TAC Index
While rates from Vietnam decline marginally, rates out of India were sharply up both to Europe and the U.S.
The recent firm tone in air freight prices is continuing, according to the latest data from TAC Index. The overall Baltic Air Freight Index edged up 0.7 percent in the week to October 9, cutting its YoY decline to -29.2 percent, adding evidence of a genuine peak season bounce this year.
"The latest rise was again led by higher rates out of China with the index for outbound Hong Kong routes gaining 6.3 percent WoW to trim its YoY fall to 20.2% percent with strong increases on rates to Europe as well as on TransPac routes. There were also further rises on rates in both directions from Shanghai with a WoW gain of 2.6 percent cutting the YoY decline to 22.4 percent."
Other rates continued to be a little more mixed. Outbound Frankfurt was up 1.6 percent to cut the YoY decline to 41 percent on higher rates to China. Outbound London dropped again on most major lanes following the previous week’s rise, leaving its YoY change at -50.5 percent.
"From the U.S., outbound Chicago rates also gave back the previous week’s big increase to leave that YoY change at -37.9 percent though rates from the U.S. were generally a little higher to China as well as from Miami to South America. Rates from Vietnam also gave back some of the previous week’s massive spike while rates out of India were sharply up both to Europe and the U.S."
