JOC Staff | Jul 05, 2011 3:47PM EDT
Air freight rates out of Asia slipped back 0.6 percent in May compared to the month before as carriers coped with plentiful capacity, according to the Drewry Air Freight Price Index.
The index for pricing from Shanghai also fell 17 percent compared to the same month a year ago, the seventh straight year-over-year decline and the steepest this year, according to the index prepared by London-based Drewry Shipping Consultants.
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The decline came after the price index hit its high point of the year in April 112.9, before slipping back to 112.2 in May.
Demand began slipping in the second quarter, amid supply chain disruptions following the natural disasters in Japan, and air carriers in Asia have been pulling back capacity.