Global airfreight rates eased a little lower last week according the latest data from TAC Index, the leading price reporting agency (PRA) for airfreight.

The overall Baltic Air Freight Index (BAI00) calculated by TAC Data shed -2.7% in the week to 22 July, leaving it ahead by +10.3% over the past 12 months. There was no immediate impact visible yet in the data from the major global IT outage that occurred late in the week when thousands of flights were cancelled – though that may be seen in the weeks to come with so many planes and crews displaced.

After holding up strongly in recent weeks –  with the market maintaining a firmer tone than usual in the summer – rates out of China eased back overall both to Europe and to North America. The index of outbound routes from Hong Kong (BAI30) dipped a little by -1.2% WoW, with rates lower on most major lanes – though still up by +24.1% YoY. The outbound Shanghai (BAI80) index dropped a little more by -3.0% WoW but is also still up by some +33.4% YoY. Rates out of both India and Vietnam were falling back on lanes to the US, though a little higher yet again to Europe.

Out of Europe, rates were falling back again. The index of outbound routes from Frankfurt (BAI20) fell -6.5% WoW to leave it lower by -21.6% YoY. Outbound London (BAI40) was also falling by some -6.9% WoW to leave it down by -24.4% YoY. Rates to the US were on the rise from both locations, but lower again on most other lanes.

From the Americas, after recent falls the index of outbound routes from Chicago (BAI50) bucked the downward global trend with a modest rise of +0.4% WoW, leaving it lower by -21.4% YoY. Overall rates from the US, however, were falling both to Europe and to China – though rising again to South America.