Air Freight Market Update July 16, 2024.
Global air freight prices eased slightly lower last week, according to the latest data from TAC Index, the leading price reporting agency (PRA) on air freight. The overall Baltic Air Freight Index (BAI00) calculated by TAC dipped by -1.1% in the week to 15 July, though it is still ahead by some +10.2% year-on-year in what continues to be a firmer than usual market for July when there is often a mid-summer lull.
The index of outbound routes from Hong Kong (BAI30) was little changed at +0.1% WoW, with rates to Europe edging further up to leave the YoY change at +24.1%. Outbound Shanghai (BAI80) was a little lower by -2.9% WoW but still well ahead by some +32.0% YoY. Rates out of India?fell back a little after recent big gains, but?out of Vietnam rates were on the rise again both to Europe and the US.
From Europe, the index of outbound routes from?Frankfurt (BAI20)?fell back a little by -3.6% WoW despite gains on rates to Asia, leaving the YoY decline at -14.5%. Outbound?London (BAI40)?however was up +7.9% WoW, with gains on most major lanes trimming the YoY fall to -21.1%.
From the Americas, rates from?Chicago (BAI50)?were a tad lower again by -1.4% WoW, leaving the YoY decline at -29.1%. Overall, rates from the US were falling a little to Europe and to China as well as to South America. ?
Go to TACIndex.com?for all the latest data on individual lanes.
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