Global airfreight rates were little changed overall last week according to the latest data from TAC Index, the leading price reporting agency for air freight markets. The overall Baltic Air Freight Index (BAI00) eased down by -0.3 percent in the week to 23rd September, leaving it ahead +9.4 percent over 12 months. Sources said the market was relatively quiet for the period leading into Golden Week in China – when rates usually rise a little – though too early to tell if demand will be weaker than previously expected when we enter traditional peak season.

Rates out of China were generally higher WoW to Europe, but lower to the US – though now up about the same amount in both directions over 12 months. The index of outbound routes from Hong Kong (BAI30) was lower -0.3 percent WoW – exactly in line with the global index – though ahead much more YoY by +18.7 percent. Outbound Shanghai (BAI80) edged up +0.5 percent WoW to leave it ahead by +21.3 percent YoY. There were also further gains on rates to Europe from Bangkok and from Seoul. Meanwhile, rates from India and Vietnam were little changed to Europe, but rising again to the US.

Most of the major outbound indices were falling, one exception being Frankfurt (BAI20), which gained +5.7 percent WoW led by higher rates to China and to South East Asia, trimming its decline YoY to -11.7 percent. Overall rates from Europe were rising both to China and to Japan as well as to the US. However, the outbound London (BAI40) index gave back a chunk of the previous week’s big gain – with falls on most major lanes leading to a decline of -8.1 percent WoW and pushing it back into negative territory YoY by -3.6 percent.

From the Americas, the index of outbound routes from Chicago (BAI50) also slipped again by -3.6 percent WoW leaving it languishing at -23.5 percent YoY. But overall outbound rates from North America were generally holding firm – up WoW both to China and to Europe, and flat to South America.