Air freight markets remained relatively quiet during the week to October 14, according to the latest data from TAC Index. The global Baltic Air Freight Index calculated by TAC edged lower by -1.2 percent, leaving its gain over 12 months at 5.4 percent. “With factories only starting to spool up again after the Golden Week holiday, average rates from China were slightly lower both to the U.S. and to Europe – though sources said spot rates were already edging up again as the market heads toward peak season.”

The index of outbound routes from Hong Kong saw a slight increase, driven by higher rates to Europe, resulting in a year-on-year (YoY) gain of 8.1%. Outbound rates from Shanghai dipped marginally week-on-week (WoW), but still maintained a YoY increase of 13.2%. Rates from Vietnam, Bangkok, and India to the U.S. also saw minor declines, while rates from these regions to Europe were on the rise, according to the latest update.

In Europe, overall rates surged across several routes, including those to the U.S., Japan, China, and the Middle East, amid concerns over the escalating conflict between Israel and Iran. However, the index of outbound routes from Frankfurt dropped by 2.5% WoW, despite rising rates to China, leading to an 18.7% YoY decline. In contrast, outbound rates from London edged up, particularly on routes to the U.S., pushing its YoY gain to 3.2%.

From the Americas, the index of outbound routes from Chicago gave back a chunk of its huge gain of the previous week, falling -9.7 percent WoW to leave the change YoY exactly at +0.0 percent. Overall, rates from the U.S. were falling again both to Europe and to China as well as to South America – following news of the dock workers’ strike on the East Coast being postponed while further talks take place, the update added.