Global air freight prices continue to remain relatively strong during what is normally a low season in the year, according to the latest data from the TAC Index.

The price reporting agency (PRA) on air freight said the overall Baltic Air Freight Index (BAI00) calculated by TAC eased down by 1.2% in the week to June 10 but is still ahead by 6.1% over 12 months.

This continues the recent trend of rates staying strong despite more passenger bellyhold capacity coming on stream as the summer holiday season gets going.

The index of outbound routes from Hong Kong (BAI30) — still the busiest airport in the world for cargo — actually went up a further 2.3% week-on-week (WoW) to put it ahead now by 17.0% year-on-year (YoY), led again by higher rates to Europe.

Outbound Shanghai (BAI80) was lower by 1.2% WoW, though still higher by some 37.8% YoY.

Rates out of India were easing back after recent major gains, but out of Vietnam were increasing again.

Out of Europe, the pattern reversed from the previous week, with rates from Frankfurt (BAI20) falling back by 7.0% WoW, with lower rates to the US and North America pulling the YoY decline back up to 27.9%.

Outbound London (BAI40) saw the reverse, with higher rates to North America helping push the WoW change up 0.8% and trim the YoY fall to 30.5%.

The TAC Index data showed that from the Americas, rates from Chicago (BAI50) fell back again after recent gains by 12.1% WoW, leaving the YoY decline at -31.6%.

Overall, it added that rates from the US were falling in Europe and China but rising again in South America.