The index jumped by 5% in November, to US$3.18 per kg, and was 2% higher than during last year’s already strong peak season.

“The fear of US tariffs pushed short-term demand and air freight rates in the transpacific this peak season, but rates have also been remarkably strong in the transatlantic and Europe-to-Asia routes this year,” said Philip Damas, director of Drewry Supply Chain Advisors, the logistics consultancy arm of Drewry.