Global air freight rates continue to bump along in the doldrums, according to the latest data from TAC Index.

The price reporting agency (PRA) for air freight noted that the overall Baltic Air Freight Index (BAI00) slipped another -0.6% in the week to July 10.

It added that this leaves it lower by -48.9% over 12 months. 

"There were, however, some big regional variations — with the index for outbound Shanghai (BAI80) freight up +2.9% week-on-week (WoW), trimming its year-on-year (YoY) decline to -53.1% with prices firming up on routes to North America," TAC Index said.

It added that Hong Kong (BAI30) was also only slightly lower by only -1.6% WoW keeping its YoY decline at a relatively modest -43.1%. 

TAC Index said rates from the US also continued their rise from the previous week, with Chicago (BAI50) up another +2.6% cutting its YoY fall to -48.1%, driven by higher rates to South East Asia, and Miami to South America also up.

Rates from South East Asia were stronger, too, with big bounces WoW for routes from Vietnam to both Europe and North America. 

Meanwhile, TAC Index reported that the current market continues to be weakest out of Europe, with Frankfurt (BAI20) down another -4.0% WoW taking its YoY fall to -53.8%.

The picture was similar out of London (BAI40), falling another -4.9% WoW taking its YoY drop to -51.2% - with rates on Transatlantic routes to the US continuing to soften from both locations, it added.