The recent firmer tone in air freight prices is continuing, according to the latest data from the TAC Index.

The price reporting agency (PRA) for air freight noted that the overall Baltic Air Freight Index (BAI00) edged up a further +0.7% in the week to October 9, cutting its year-on-year (YoY) decline to -29.2% and adding a little further evidence of a genuine peak season bounce this year. 

It added that the latest rise was again led by higher rates out of China, with the index for outbound Hong Kong (BAI30) routes gaining a chunky +6.3% week-on-week (WoW) to trim its YoY fall to only -20.2% — with strong increases on rates to Europe as well as on TransPac routes.

TAC Index said there were also further rises in rates in both directions from Shanghai (BAI80), with a WoW gain of +2.6%, cutting the YoY decline to -22.4%. 

"Rates from elsewhere continued to be a little more mixed," the report said.

Outbound Frankfurt (BAI20) was up +1.6% to cut the YoY decline from there to -41.0%, bolstered by higher rates to China.

But it added that outbound London (BAI40) dropped again on most major lanes following the previous week's rise, leaving its YoY change languishing at -50.5%. 

From the US, the TAC Index said outbound Chicago (BAI50) rates also gave back the previous week's big increase to leave that YoY change at -37.9%, though rates from the US were generally a little higher to China as well as from Miami to South America.

"Rates from Vietnam also gave back some of the previous week’s massive spike, while rates out of India were sharply up both to Europe and the US," the report said.