Air freight rates out of China and Hong Kong to the United States and Europe have returned to levels last seen in September.
This is mainly due to surging on e-commerce demand through the 2023 peak season. This provided some positivity to the air freight market following a lacklustre couple of years, according to the latest update from TAC Index. “The only upturn in rates in 2022 was due to the invasion of Ukraine that caused capacity disruptions from the closure of Russian air space and the loss of Russian airlines such as AirBridgeCargo, which were significant capacity providers.