FIS Air Freight Report April 23, 2019

The Forward Curve

The Freight Investor Services air cargo market report combines data from The Air Cargo (TAC) Index and perspectives from our wide array of clients to provide an view on the historical, present and future air cargo market. Constantly under review, market players can use the report to judge and assess air freight market volatility. The Forward Curve is an amalgamation of previous and prospective market data, weighted by live market information provided by our wide array of corporate clients. When trading an air cargo derivative, you can use the forward curve in conjuction with your own propriortory data to take a view as to where you think the market will turn next.

Basket	USD/KG	CHANGE	CHANGE %	MTD
CHINA - EUR	2.55	-0.08	-3.04%	2.65
CHINA - USA	3.36	-0.17	-4.82%	3.49
Blended	USD/KG	CHANGE	CHANGE %	MTD
PVG/EUR	2.49	-0.07	-7.91%	2.63
HKG/EUR	2.60	-0.09	-3.35%	2.67
PVG/US	3.18	-0.23	-6.74%	3.44
HKG/US	3.54	-0.10	-2.75%	3.55

‘Airfreight routes (AGRs)’ provide us with tradeable routes in conjunction with baskets, by maximising volumes along regional tradelanes. AGRs calculate the average of several correlating arrival points noted by their airport codes

Airfreight Route (AR)	Description	PREVIOUS	USD/KG	CHANGE
AGR 1	HKG to LAX & ORD & JFK	3.55	3.39	-4.50%
AGR 2	HKG to LHR & FRA & AMS	2.71	2.6	-4.05%
AGR 3	HKG to SIN & BKK & PVG	1.08	1.16	7.40%
AGR 4	PVG to AMS & FRA & LHR	2.63	2.64	0.38%

HKG/CN - EUROPE AGGREGATE LANES - USD/KG
	BID	ASK	VALUE	CHANGE
Mar	2.85	2.95	2.90	0.00
Apr	2.88	2.98	2.93	0.00
May	2.88	2.98	2.93	0.00
Q2 19	2.90	3.00	2.95	0.00
Cal - 19	3.04	3.14	3.09	0.00
Cal - 20	3.44	3.54	3.49	0.00

HKG/CN - US AGGREGATE LANES - USD/KG
	BID	ASK	VALUE	CHANGE
Mar	3.28	3.38	3.33	0.00
Apr	3.17	3.27	3.22	0.00
May	3.18	3.28	3.23	0.00
Q2 19	3.30	3.40	3.35	0.00
Cal - 19	3.91	4.01	3.96	0.00
Cal - 20	4.12	4.22	4.17	0.00