Global air freight rates edged up last week, according to the latest data from TAC Index.

The price reporting agency (PRA) for air freight noted that in what is normally a quiet summer period, the overall Baltic Air Freight Index (BAI00) was firmer by +1.8% in the week to July 17, trimming its fall over 12 months to -47.4%. 

TAC Index said the slightly firmer tone was "broad-based" around the major markets but led by a robust gain of +4.7% week-on-week on outbound Shanghai (BAI80) routes, with gains on rates both to Europe and North America helping cut the year-on-year (YoY) drop to -48.1%.

That said, it noted that Hong Kong (BAI30) — which has been one of the stronger markets during recent falls, supported by continued strong e-commerce business — did slip -1.4% WoW, pushing its YoY change to -45.4%. 

TAC Index said rates were generally firmer too out of Europe and the US amid reports of some operators starting to ground older freighters that are no longer economic.

Meanwhile, outbound Frankfurt (BAI20) was up +4.0% WoW cutting its YoY fall to -51.5%, while London (BAI40) was up +1.4%, leaving its YoY drop at -53.1% — with transatlantic rates to North America firmer from both locations. 

Out of North America, Chicago (BAI50) routes continued a run of recent gains with a WoW change of +2.9%, leaving the YoY decline at -41.4%, driven mostly by stronger rates to Europe.

However, the price reporting agency for air freight said rates from Miami to South America slipped a little after recent gains and rates from other major locations, such as India and Vietnam, were mixed.