Airfreight rates overall slipped back a little last week according to the latest data from TAC Index, the leading price reporting agency for air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC edged lower by -1.6 percent in the week to 18 November, a somewhat weaker number than many might have expected earlier this year for a period when the market enters the height of peak season. That said, the global BAI00 index does still remain above its level at the same time last year – by exactly +1.0 percent – when the market was entering a very pronounced peak season spike.

Market sources suggested that spot rates were continuing to trend up last week out of China, particularly on TransPacific lanes to the US East Coast. The index of outbound routes from Hong Kong (BAI30) was up again by +1.9 percent WoW, with gains on most major lanes keeping it narrowly ahead by +0.2 percent YoY. But outbound Shanghai (BAI80) was lower -2.8 percent WoW, reflecting declines on most major lanes from there, though still ahead by +4.0 percent YoY. Elsewhere out of Asia, there were further gains WoW on rates out of Vietnam both to Europe and to the US. Out of India, rates were rising again to the US, but lower to Europe – as they were also from Bangkok, though rates remain a long way up YoY on lanes to Europe from both locations.

Out of Europe, rates were rising overall to most major destinations including to China and Japan as well as to the US. But the index of outbound routes from Frankfurt (BAI20) slipped a tad by -1.3 percent WoW to leave it still in negative territory by -4.0 percent YoY. And outbound London Heathrow (BAI40) fell back by -6.5 percent WoW after recent gains – though is still ahead some +10.1 percent YoY.

From the Americas, the index of outbound routes from Chicago (BAI50) also fell back sharply after recent gains, dropping exactly -10.0% WoW to leave it lower by -7.0 percent YoY. Overall rates from the US were falling again both to Europe and to China, though still rising to South America – particularly from Miami, which is by far the biggest airport by volume for trade to the south, leaving rates on those lanes a long way up YoY.