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Baltic Air Freight Index rises again
Photo: Baltic Exchange
In the midst of anxieties about inflation and interest rates, geopolitical stresses and a fluctuating oil price, global air freight rates maintained a firm tone during the month: The overall Baltic Air Freight Index (BAI00) was up another +2.9% over the four weeks to 30 October.
Although the index was still down -30.2% from twelve months earlier, October still marks a second successive month after an +11% rise in September, adding evidence of a genuine if modest peak season bounce this year.
Market activity continued to be led by e-commerce, with some forwarders said to be scrambling for capacity at rising spot prices. It was led initially by strong demand on transpacific routes to North America, where consumers have kept spending despite running down their savings, but rates to Europe are also rising. (ah)