Air Freight Market Update April 16, 2024.
Global air freight rates dipped slightly 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) calculated by TAC was lower by -0.8% over the week to April 15, finally ending a run of six successive weekly gains to leave it at -12.0% over 12 months.
Rates were fairly flat from the previous week on major lanes out of China – with no sign yet of any further spike caused by rising tensions and conflict in the Middle East. The index of outbound routes from Hong Kong (BAI30) eased narrowly lower by -0.2% WoW leaving it still ahead by +8.4% YoY. Outbound Shanghai (BAI80) gained a further +0.6% WoW to leave it up +6.9% YoY. On other lanes out of Asia, it seemed rates out of India may be finally reaching a peak after a recent major surge, and falling back also from Vietnam to the US.
Out of Europe, rates were falling again on most major lanes. The index of outbound routes from Frankfurt (BAI20) fell back -4.0% WoW to leave it at -38.6% YoY. Outbound London (BAI40) dropped -5.8% WoW to leave it languishing at -51.4% YoY.
From the Americas, the index of outbound routes from Chicago (BAI50) edged up +0.8% WoW led by higher rates to South East Asia, leaving it at -34.4% YoY. Overall rates from the US were falling to Europe but rising again to China – and there was another jump in rates from Miami to South America.
Go to TACIndex.com for all the data on individual lanes.
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