No Red Sea impact on air freight as rates decline: TAC Index
From India, rates to Europe were showing no immediate jump after events in the Red Sea but rising again to the US
Disruption to ocean shipping in the Red Sea has not yet led to any surge in air freight rates, according to the latest data from TAC Index.
The overall Baltic Air Freight Index slipped 3.1 percent in the week to January 15, leaving it lower over 12 months by 34.1 percent despite a rise in volumes since the Christmas to New Year holiday period.
Despite the continuing downward trend overall, there were the first signs of an uptick in rates from China to Europe, post events in the Red Sea, the update added. "The index of outbound rates from Hong Kong fell 3.5 percent WoW to leave it lower by 16.3 percent YoY but rates from Hong Kong to Europe were close to flat. Outbound rates from Shanghai edged up 0.6 percent WoW, led by rising rates to Europe including a spike on rates to Amsterdam to leave that index at -29.4 percent YoY."
Rates out of Europe were mixed with outbound Frankfurt declining nine percent to leave it at -48.3 percent YoY. Outbound London Heathrow was lower by 0.8 percent WoW to be at -55.8 percent YoY. "Transatlantic rates from Frankfurt to the U.S. as well as from London to North America, in general, were rising."
Out of North America, rates from Chicago dropped 9.3 percent WoW to leave the index at -55.7 percent YoY. "Overall rates from the U.S. were rising both to Europe and South America, though falling to China."
From India, rates to Europe were showing no immediate jump after events in the Red Sea but rising again to the U.S., the update added.
