Airfreight rates out of Asia have begun to ease following the quieter Chinese New Year period, though year on year gains remain firm, according to TAC Index data, reports Singapore's Payload Asia.

Rates on the busiest lanes out of China were only narrowly higher to Europe and slightly lower to the US. Baltic Air Freight Index spot rates out of Hong Kong were little changed, while the full index of outbound routes from the city rose 1.5 per cent week to week, leaving it up two per cent year on year.

Outbound Shanghai increased 0.6 per cent week on week and was up 11 per cent year on year. Rates from Taiwan fell week on week to both Europe and the US but stayed well ahead year on year. Seoul saw slight declines, while Bangkok and Vietnam to Europe recorded gains. India's rates were marginally higher week on week but remained lower year on year.

TAC Index said global rates were still robust, with the Baltic Air Freight Index up 4.1 per cent in the week to 16 February, leaving it 1.5 per cent higher year on year. European lanes were generally firmer, led by transatlantic gains to the US, Australia and the UAE, though lower to China, Japan, India, Brazil and South Africa.

Frankfurt outbound routes gained 3.4 per cent week on week but were down 22.1 per cent year on year. London Heathrow surged 22 per cent week on week, boosted by spikes to the Middle East, South East Asia and Hong Kong, leaving it 43.8 per cent higher year on year.

Out of North America, rates were flat to Europe and lower to China and South America, though Chicago outbound routes rose 8.3 per cent week on week, including strong gains to Frankfurt, despite being down 23.4 per cent year on year. Mexico to Europe rates edged up again week on week, leaving them slightly ahead year on year.