Global air freight prices edged down again last week, according to data from TAC Index.

In its intelligence update on June 12,  the price reporting agency (PRA) for air freight noted that the Baltic Air Freight Index (BAI00) was lower by another -0.9% in the week to June 12, leaving it down by -47.9% over 12 months.

The continued, if slower downward trend is no surprise given IATA statistics revealed at the CNS event in Miami last week, which showed cargo-tonne-kilometres (CTKs) flown -5.3% down from 2019 while capacity is now back above pre-Covid levels," TAC Index said.

It added that among major outbound locations, rates from China were higher again — boosted by continued strong e-commerce business, sources suggested. 

Shanghai (BAI80) had a week-on-week (WoW) gain of +1.4%, with higher rates on routes to both Europe and the US, trimming the YoY decline to -53.6%. 

TAC Index said Hong Kong (BAI30) rates showed a WoW gain of +0.5% — a little up to the US and a tad down to Europe — cutting the overall YoY decline to -40.9%. 

Meanwhile, the report noted that rates from other regions were more mixed, with outbound Frankfurt (BAI20) routes down -4.5% WoW to take the YoY decline to -50.5%, and London Heathrow (BAI40) giving back recent gains with a fall of -12.6% WoW, taking the YoY decline up to -52.3%.

TAC Index added that the market in Chicago (BAI50) was stronger again, with a WoW gain of +5.7%, paring the YoY fall back to -44.9%.

In other regions, rates from Vietnam and India were both lower, as was Miami to South America, the price reporting agency further said.