Global air cargo rates edge higher but spot rates down: TAC Index
It was out of Europe where market rates rose strongly last week, led by gains on lanes to China as well as to the U.S.;
Global air freight rates edged up slightly last week, according to the latest data from TAC Index.
"The overall Baltic Air Freight Index calculated by TAC gained +0.9 percent over the week to April 21, leaving it still ahead of where it was 12 months ago by four percent year-on-year," according to the latest update.
The overall rise came despite a continuing slide in spot rates, according to market sources, and lower rates overall on the busiest lanes out of China both to Europe and to the U.S. with many carriers still fearful of a steeper fall in May if higher U.S. tariffs start to bite, the update added.
"The index of outbound routes from Hong Kong dropped by -0.9 percent WoW, dragged down by lower rates to the U.S., taking it into negative territory by -2.3 percent YoY. However, outbound Shanghai edged up +0.8 percent WoW and stayed ahead by +2.6 percent YoY. Rates were slightly lower overall WoW out of Vietnam and little changed WoW out of India."
It was out of Europe where market rates rose most strongly last week, led by gains on lanes to China as well as to the U.S. "The index of outbound routes from Frankfurt gained +4.8 percent WoW to push it ahead by +20 percent YoY. Outbound London Heathrow jumped +8.9 percent WoW, boosted by gains on most major lanes, taking it to a rise of +7.1 percent YoY."
From the Americas, rates were more mixed – with gains on lanes to China but overall declines on Transatlantic routes to Europe and on the busiest lanes to South America. The index of outbound routes from Chicago edged up +0.9 percent WoW, taking its gain to +22.3 percent YoY, the update added.