Asia airfreight rates ease after Chinese New Year, but year on year gains hold
Airfreight rates out of Asia begun to ease following the start of the quieter Chinese New Year holiday period, but there are broadly firm year on year gains, according to the latest data from TAC Index.
The price reporting agency on airfreight markets said rates on the busiest lanes out of China were “only narrowly up to Europe and a little lower to the US”.
Baltic Air Freight Index (BAI) spot rates out of Hong Kong were little changed over the week, while the full index of outbound routes from Hong Kong (BAI30) was up 1.5% week on week, leaving it narrowly up 2% year on year.
Outbound Shanghai (BAI80) slightly increased by 0.6% week on week, but was up 11% year on year.
Elsewhere out of Asia, rates were down week on week from Taiwan, both to Europe and the US, though still well ahead year on year.
Rates from Seoul were also a little lower week on week, but up from Bangkok as well as from Vietnam to Europe, though not to the US. Rates from India were also a little higher week on week, though still down year on year.
Rates out of the region were still robust compared to the global market. The global Baltic Air Freight Index (BAI00) calculated by TAC gained 4.1% in the week to February 16, leaving it narrowly ahead by 1.5% year on year.
TAC Index said that rates from Europe were generally firmer, led by gains on transatlantic routes to the US as well as to Australia and the UAE – though also lower week on week to China, Japan, India, Brazil and South Africa.
The index of outbound routes from Frankfurt (BAI20) gained 3.4% week on week, though it remained lower by some 22.1% year on year. Outbound London Heathrow (BAI40) by contrast surged 22% week on week, boosted by spikes in rates on lanes to the Middle East, South East Asia and Hong Kong, leaving it up 43.8% year on year.
Out of North America, rates were flat to Europe and a little lower to China as well as South America, including on the busiest lanes southbound from Miami.
But the index of outbound routes from Chicago (BAI50) was up 8.3% week on week – including a big gain on rates to Frankfurt, one of four more new lanes added to the data this week, though still lower at -23.4% year on year.
Rates from Mexico to Europe were a little up again week on week, leaving them slightly ahead year on year.
