Asia-Europe air cargo rates pick up, indicating signs of a peak season
THE average air freight rate on services from Hong Kong to Europe climbed to US$2
THE average air freight rate on services from Hong Kong to Europe climbed to US$2.82 per kilogramme in October, up from $2.56 in September, according to the Tac Index. However, year on year, rates are down 8.7 per cent.
At the start of November rates were level with a year earlier at $3.20 per kg.
The uptick in rates reflects comments from industry contacts that the peak season appears to be getting underway, although they remain cautious about how long it could last, reported London's Air Cargo News.
Rates on services between Hong Kong and North America have not picked-up to the same extent, however, there were some early signs of the peak season towards the end of October and at the start of November.
Average prices for October stood at $3.49 per kg, which is down 27.3 per cent year on year and only five cents up on September levels.
Freight Investor Services derivatives broker Peter Stallion was quoted as saying: 'The spot figures support any assessment that peak season is here, and here to stay for at least the next few weeks.
'However, the confused reaction to trade war concessions and a 'stable' - if highly depressing - air cargo export market in Hong Kong, despite political unrest, has lent to an equally confused forward picture for market participants.'