Global airfreight rates were firmer again last week according to the latest data from TAC Index, the leading price reporting agency for air freight.

The overall Baltic Air Freight Index (BAI00) calculated by TAC rose +2.2 percent in the week to 12 August – another solid increase for a season of the year when rates are normally falling – taking the year-on-year gain to exactly +10.0 percent. Market sources are divided as to whether peak season rise has already arrived early or whether there is a further surge in rates to come in the weeks ahead – but generally agree that the market has been unusually firm for this time of year.

Rates were higher again out of China both to Europe and to the US as well as to the UAE. The index of outbound routes from Hong Kong (BAI30) gained a further +0.9 percent WoW, taking its gain YoY to +20.3 percent. Outbound Shanghai gained +1.8 percent WoW, taking its rise YoY to +29.8 percent. There were also gains on rates out of Seoul to Europe – newly added to the data for the first time this week – as well as from India again both to Europe and the US, though rates from Vietnam were falling.

Rates were also much firmer out of Europe. The index of outbound routes from Frankfurt (BAI20) gained a chunky +8.0 percent WoW, led by big gains on lanes to North America as well as to China, trimming the decline YoY to -16.8 percent. Outbound London (BAI40) also rose by +3.7 percent WoW, helping cut the YoY fall on that index to -21.3%.

From the Americas, the index of outbound routes from Chicago (BAI50) also jumped +6.5 percent WoW, led by higher rates to South East Asia, reducing the YoY decline to -16.3 percent. Overall rates from the US were rising again both to China and to South America, particularly on the lanes out of Miami, though falling back a little to Europe.