Airfreight markets remained relatively quiet again last week according to the latest data from TAC Index. The global Baltic Air Freight Index (BAI00) calculated by TAC edged lower by -1.2 percent in the week to 14 October, leaving its gain over 12 months at +5.4 percent.

With factories only starting to spool up again after the Golden Week holiday, average rates from China were slightly lower both to the US and to Europe – though sources said spot rates were already edging up again as the market heads toward peak season. The index of outbound routes from Hong Kong (BAI30) was up slightly by +0.5 percent WoW led by higher rates to Europe, leaving its gain at +8.1 percent YoY. Outbound Shanghai (BAI80) was lower by -1.0 percent WoW, leaving its YoY gain at +13.2 percent. Rates out of Vietnam and Bangkok were a little lower too, as well as out of India to the US, though higher again to Europe – as they were also from Seoul.

Out of Europe, rates overall were rising strongly again on many routes including to the US and Japan as well as to China and the Middle East, amid fears of escalating conflict between Israel and Iran. However, the index of outbound routes from Frankfurt (BAI20) fell again -2.5 percent WoW despite a rise in rates to China, leaving its YoY decline at some -18.7 percent. Outbound London (BAI40) by contrast edged higher +0.1 percent WoW, led by rising rates to the US, leaving its gain YoY at a more healthy looking +3.2 percent.

From the Americas, the index of outbound routes from Chicago (BAI50) gave back a chunk of its huge gain of the previous week, falling -9.7% WoW – to leave the change YoY exactly flat at +0.0 percent. Overall rates from the US were falling again both to Europe and to China as well as to South America – following news of the dock workers’ strike on the East Coast being postponed while further talks take place.