Global air freight rates continue rally: TAC Index

Global air freight rates kept going up last week though at a slower pace than the previous week, according to the latest data from TAC Index. The overall Baltic Air Freight Index, calculated by TAC, was up another 2.7 percent in the week to February 5, 2024 though still down 23.2 percent over 12 months.

The big lanes out of China showed further rises with the index of outbound routes from Hong Kong up 1.8 percent WoW, led again by further rises to Europe following disruption to ocean traffic in the Red Sea, leaving it at only -1.3 percent YoY. Outbound Shanghai was up 4.4 percent WoW with gains on routes to the U.S. as well as to Europe in the run up to Chinese New Year, leaving it at -6.8 percent YoY.

Out of Europe, rates from Frankfurt rebounded 7.4 percent WoW after recent falls, showing gains on all major lanes, though still way lower by 50.2 percent YoY. Outbound London Heathrow declined 2.3 percent WoW, leaving it lower by 51.3 percent YoY.

Rates were also dropping out of Chicago by -1.8 percent WoW to leave that index lower by 47.7 percent YoY. Overall, rates from the U.S. were rising again to China - though falling to South America as well as to Europe, the update added.