• Global airfreight rates were largely unchanged in the week to February 9, according to the latest TAC Index data, with the Baltic Air Freight Index slipping just 0.5 percent week-on-week.
• While rates out of China remained resilient year-on-year, momentum eased as the Chinese New Year holiday approached. Europe saw softening spot rates after recent gains, while US outbound lanes showed mixed performance, highlighting continued regional volatility across global air cargo markets.

Global air freight rates were little changed overall in the week to February 9 according to the latest data from TAC Index, the leading price reporting agency for air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC was slightly lower by -0.5% over the last seven days, leaving it narrowly lower at -0.8% year-on-year – with the rising trend of the previous week in the runup to Chinese New Year gradually petering out as the regional holiday period approached.

Rates on the busiest lanes out of China were little changed overall WoW – slightly higher to Europe and slightly lower to the US, but still ahead in both directions YoY. After rising the previous week, BAI Spot rates out of Hong Kong flattened out as the latest week progressed, while the full index of outbound routes from Hong Kong (BAI30) was still higher WoW by +1.6%, led by gains to North America, leaving it only slightly lower at -0.4% YoY. Outbound Shanghai (BAI80) edged up another +0.3% WoW to leave it up an impressive +19.4% YoY. Elsewhere in Asia, rates from Seoul, Taiwan and Bangkok were all higher WoW to Europe, but lower to the US. From Vietnam the pattern was opposite, with rates rising to the US but falling to Europe. Rates from India were a little lower in both directions.

After a strong rise the previous week, rates from Europe were mostly falling last week – including on Transatlantic routes to the US, though still comfortably ahead YoY in dollar terms, as well as a little lower to Australia, Brazil, China, Japan, India, South Africa and the UAE – one exception being on lanes to Mexico, where rates edged up slightly. The index of outbound routes from Frankfurt (BAI20) shed -3.7% WoW to leave it lower by some -20.0% YoY. Outbound London Heathrow (BAI40) was also lower by -2.7% WoW though still in positive territory at +5.7% YoY.

From the US by contrast overall rates were mostly rising last week, with gains on lanes to Europe and South America as well as to South Korea, though not to China. Nevertheless, the index of outbound routes from Chicago (BAI50) was still down again, dropping another -8.0% WoW – dragged down by falling rates to South East Asia – leaving it languishing at a steep decline of -33.5% YoY. Rates from Mexico to Europe were up again WoW, leaving them a little higher YoY.

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