LNY sees rates decline
- Latest News
- Thursday, 22 February 2024
Airfreight rates are into their Lunar New Year (LNY) holiday decline after rising in the first six weeks of the year.
TAC Index says overall, rates slipped by 8.2 per cent in a week and were down 21.2 per cent from a year ago.
As well as the Red Sea disruption and the suspension of business in Dubai and Bangkok, air cargo volumes out of China fell sharply during the two-week LNY holidays that started on February 10.
India bucked the trend, however, showing gains on rates to Europe and the US – "indicating perhaps more shippers turning to air cargo to beat ocean transport problems", while other major markets were mixed.
In Europe, ex-Frankfurt rates were up 6.7 per cent, with higher rates to China and to south east Asia, while London Heathrow fell 6.9 per cent after declines on all major lanes.
In the USA, Chicago moved up 2.4 per cent, helped by stronger rates to south east Asia, though most rates from the US were weaker, including to Europe and South America.
