The Drewry Air Freight Price Index took a sharp turn upward in October, increasing 14.7 percent from the previous month to its highest level in a year.
The increase to 114 still left the Drewry measure of air freight rates from Shanghai to the rest of the world down 4.3 percent from the same month a year ago, the 12th straight year-of-year decline.
But the improvement from September marked the first significant gain from month to month since April, and the reading was at its highest point since November 2010.
The improvement comes as airlines have pulled air freight capacity from networks amid a tepid expedited shipping season. The Association of Asia Pacific Airlines said capacity for its member airlines was down 2.4 percent in October compared to the previous year.
Airlines increased their capacity slightly from September to October, typically the strongest month of the year for international air freight, while increasing traffic 7.1 percent sequentially.