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

The Baltic Air Freight Index (BAI00) calculated by TAC was down by -1.2 percent in the week to 5 August, though still up +8.9 percent over 12 months. The latest data maintains the firm tone of this year – though yet to register any reaction from the financial market selloff since late last week led by a sharp fall in the Nikkei index in Japan, falling oil prices and big jump in volatility measured by the VIX index, which some think may now lead to a softer peak season than previously anticipated.

Rates on the big lanes out of China barely moved over the week. The index of outbound routes from Hong Kong (BAI30) edged down -0.1 percent WoW to leave it still up by +21.3 percent YoY. Outbound Shanghai (BAI80) fell -0.7 percent WoW to leave it still well ahead by +30.4 percent YoY. Overall rates from China were up yet again WoW both to Europe and to the US, and only slightly lower from Vietnam – though there was a bigger fall WoW from India to Europe.

Out of Europe, rates fell back again, with the index of outbound routes from Frankfurt (BAI20) shedding -3.7 percent WoW to leave it lower by -24.6 percent YoY. Despite higher rates on lanes to North America the outbound London (BAI40) index fell -6.4 percent WoW to leave it lower by a similar looking -23.7 percent YoY.

From the Americas, the index of outbound routes from Chicago (BAI50) was also off by -2.2 percent WoW to leave it lower by -20.2 percent YoY. Overall rates from the US were rising to Europe but falling on lanes to China and to South America.