Despite disruptions in Red Sea ocean shipping, the latest data from TAC Index shows no significant increase in air freight rates.
The Baltic Air Freight Index fell 3.1 percent in the week ending January 15, marking a 34.1 percent decline over the past 12 months.
While there’s an overall downward trend, there are initial indications of rising rates from China to Europe following the Red Sea events.
Outbound rates from Hong Kong decreased, but those to Europe remained nearly flat. Shanghai’s outbound rates, especially to Europe, saw a slight increase. European rates varied, with Frankfurt declining by nine percent, leaving it down 48.3 percent year-on-year. London Heathrow also decreased, reaching -55.8 percent year-on-year.
Transatlantic rates from Frankfurt to the U.S. and London to North America were on the rise. In North America, rates from Chicago fell, but overall U.S. rates were increasing to Europe and South America while decreasing to China. From India, rates to Europe showed no immediate impact from the Red Sea events but were increasing again to the U.S.