After plenty of recent volatility, last week was a relatively quieter period for global air freight according to the latest data from TAC Index, the leading price reporting agency in the market. The global Baltic Air Freight Index (BAI00) calculated by TAC was unchanged in the week to 10 March at exactly 0.0% WoW leaving it still ahead by +6.2% year-on-year. Volumes and spot rates, however, appeared to be rising again in recent days – though it was not clear if that reflected some attempted ‘front-loading’ ahead of higher tariffs and/or other trade restrictions shippers fear – or the market getting ‘back to normal’ following recent disruptions.

Out of China, trends were mixed – with rates to the US rising, but falling slightly on lanes to Europe. The index of outbound routes from Hong Kong (BAI30) – still the biggest airport in the world by cargo volume – were up +2.5% WoW, led by higher spot rates, and still solidly ahead by +12.1% YoY. Rates out of Shanghai (BAI80) were a little softer, falling -2.1% WoW to leave that index only narrowly ahead by +2.9% YoY. Rates on other lanes from Asia – including from Vietnam and Bangkok as well as from Seoul – were mostly up, though largely unchanged out of India both to Europe and the US.

From Europe, rates were mostly falling on routes to the US and Japan, though flat overall on lanes to China. The index of outbound routes from Frankfurt (BAI20) eased down by -1.0% WoW to be narrowly lower at -0.2% YoY. Outbound London Heathrow (BAI40) dropped some -7.9% WoW, dragged down by declines on most major lanes – though still ahead by +5.4% YoY.

From the Americas, the index of outbound routes from Chicago (BAI50) edged up +1.1% WoW helping to push its gain to +8.4% YoY. Overall rates out of the US were rising again both to Europe and to China, as well as on lanes to South America, where they show significant YoY increases.