Global air freight rates continue to edge upwards, according to the latest data from TAC Index.
The overall Baltic Air Freight Index rose 2.8 percent in the week to October 23, trimming its year-on-year decline to -33.7 percent, and adding further evidence of a genuine peak season bounce ahead of the Thanksgiving and New Year holidays. Air Cargo Transportation
"The overall rise was again led by firmer prices out of China with the index of outbound routes from Hong Kong gaining a further 2.7 percent WoW to trim its YoY decline to 19.2 percent with rates rising to Europe as well as to North America.
"Outbound Shanghai was up even more strongly by 4.1 percent WoW to leave its YoY fall at 27 percent, mainly driven by rising rates to North America with rates to Europe sliding."
From the U.S., outbound Chicago bounced again WoW, maintaining a volatile short-term pattern, to leave the YoY change at -45.7 percent but rates from U.S. to China overall were rising strongly, the update added. "The biggest rises on the week, however, were again out of Vietnam – with rates rising very sharply WoW on the strength of spot demand both to Europe and the U.S."
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