Global air cargo rates continue to be weak
Rates, however, still up +16.6 percent YoY with data showing little sign of any collapse in e-commerce activity.
Global air freight rates trended lower again, down 4.7 percent, during the week to January 20, according to the latest data from TAC Index, the leading price reporting agency on air freight.
Rates, however, remain comfortably above where they were a year ago, up by +16.6 percent YoY, with the data showing little sign of any collapse in e-commerce activity as some recent reports have predicted, the update added. "Market sources indicate a renewed rise in spot rates since late last week into what some dub a mini peak ahead of Chinese New Year."
The index of outbound routes from Hong Kong slipped three percent WoW though it is still up +14 percent YoY, and outbound Shanghai shed -5.4 percent WoW though it is still ahead by +12.5 percent YoY.
The index of outbound routes from Frankfurt dropped -5.9 percent WoW, cutting recent gains to leave the YoY increase at +30.3 percent. Outbound London dropped sharply, -8.8% WoW, though it is still up YoY by +13.4 percent.
From the Americas, the index of outbound routes from Chicago ended a series of recent gains with a drop of -3.6 percent WoW, though still ahead YoY by +38.3 percent. Overall rates from the U.S. were rising on most major lanes including to Europe, China and South America, the update added.
