Global air freight rates kept going up last week, according to new data from TAC Index, though at a slower pace than the previous week.

The price reporting agency for air freight said the overall Baltic Air Freight Index (BAI00) calculated by TAC was up another 2.7% in the week to February 5, though still down by 23.2% over 12 months.

It said that the big lanes out of China showed further rises, with the index of outbound routes from Hong Kong (BAI30) up 1.8% week-on-week (WoW) — led again by further rises to Europe following disruption to ocean traffic in the Red Sea, leaving it at only 1.3% above compared to the same period last year.

Meanwhile, outbound Shanghai (BAI80) was up 4.4% WoW, with gains on routes to the US as well as to Europe in the run-up to Chinese New Year, leaving it down 6.8% year-on-year (YoY).

Out of Europe, rates from Frankfurt (BAI20) rebounded 7.4% WoW after recent falls, showing gains on all major lanes, though still way lower by 50.2% YoY.

Outbound London Heathrow (BAI40) fell back again by 2.3% WoW, leaving it too still a long way lower by 51.3% YoY.

TAC Index noted that rates were also dropping out of Chicago (BAI50) by 1.8% WoW to leave that index lower by 47.7% YoY.

Overall, rates from the US were rising again to China — though falling to South America as well as to Europe.