Global airfreight rates were a little firmer again last week, according to the latest data from TAC Index, the leading price reporting agent in air freight. The overall Baltic Air Freight Index (BAI00) calculated by TAC was up +2.3 percent in the week to 30 September, leaving it ahead by +7.5 percent over 12 months. September was relatively quiet and market movements muted at least until this final week of the month, which saw rates rising a little – as they often do just ahead of the Golden Week holiday in China.
Rates out of China were generally rising, though the index of outbound routes from Hong Kong (BAI30) edged up only +0.3 percent WoW. That was led by higher rates to Europe, though with rates to North America falling – to leave the rise at +16.8 percent YoY. Outbound Shanghai (BAI80) was up a more solid +4.5 percent WoW, with rates rising on most major lanes to leave that index at +20.4 percent YoY. Rates to Europe were also rising out of Vietnam, but more mixed from India and elsewhere in Asia.
From Europe rates were also rising, with the index of outbound routes from London Heathrow (BAI40) up a chunky +7.1 percent WoW, led by surging rates to North America, which left the decline YoY at only -1.3 percent. Outbound Frankfurt (BAI20) edged up a more modest +0.4 percent WoW, trimming the YoY decline to -11.2 percent.
Out of the Americas, the index of outbound routes from Chicago (BAI50) was up +2.6 percent WoW, though still lower by some -31.5 percent YoY. Overall rates from the US were rising both to Europe and to South America, though falling to China.
