Global airfreight rates were up again last week as the market headed into the traditional peak season period according to the latest data from TAC Index, leading price reporting agency in air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC was up +3.2 percent in the week to 28 October to leave it ahead by +6.0 percent over 12 months, with all major outbound indices rising WoW.

The rising market was again led by gains on the big export lanes out of China both to Europe and to the US – and despite reports of more capacity shifting onto routes from Asia, particularly to TransPacific lanes. The index of outbound routes from Hong Kong (BAI30) was up +2.9 percent WoW with gains to most major destinations leaving it at +7.7 percent YoY. Outbound Shanghai (BAI80) rose +3.7 percent WoW, pushing it to +16.2 percent YoY. There were also gains on rates out of Vietnam, Bangkok and Seoul – while rates from India fell a little WoW both to Europe and to the US, though remain a long way up YoY.

From Europe, the index of outbound routes from London (BAI40) surged +8.0% WoW with gains on all major lanes, pushing the YoY change to +10.0 percent above levels that were admittedly quite depressed a year ago and still a long way below Covid era peaks. Outbound Frankfurt (BAI20) edged up a more modest +1.1 percent WoW though is still a long way down at -16.4 percent YoY – reflecting a European economy that remains in the doldrums.

From the Americas, the index of outbound rates from Chicago (BAI50) also edged up by +0.8 percent WoW, led by higher rates to Europe, but still in negative territory at -12.5 percent YoY. Overall rates from the US were rising again to South America, but flat overall on lanes to Europe and lower on lanes to China.

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