January 28, 2024 – Airfreight rates in January climbed as the month progressed due to the approaching Lunar New Year holiday and anecdotal reports of a move from sea to air due to the Red Sea crisis. The latest figures from the Baltic Exchange Airfreight Index (BAI) show that, in the last full week of January, rates from Hong Kong to North America climbed 8.4% on a week earlier, to $5.15 per kg. Airfreight rate data provider TAC Index said the increase was expected. “The increase is in line with expectations that rates may spike following disruption to ocean shipping in the Red Sea, though sources also point out that rates often rise in the runup to Chinese New Year,” TAC said in a weekly market round-up. This year the Lunar New Year holiday falls on February 10 compared with January 22 last year.