European freight confidence wanes

   Confidence in European-based ocean and air cargo markets has fallen in May, according to the latest results from the Stifel Nicolaus Logistics Confidence Index.
   The investment services company created the index with U.K.-based research company Transport Intelligence in March to better understand trends in the global ocean and air markets,
   The index surveys international shippers and freight forwarders to gauge the level of cargo activity in several European-based international trade lanes. It’s intended as a real-time survey of international movements in and out of Europe as well as an indicator of shipper expectations.
   Air cargo has trended below the index baseline since the index was launched two months ago.
   “Air freight volumes in the European trade lanes for the month of May continue to track below normal expectations for this time of year, extending the pattern seen throughout March and April,” Stifel Nicolaus said. “This was not surprising, in our view, given the uncertainty around the EU right now. Among the lanes surveyed, Europe-U.S. appeared the strongest (least weak), as has been the case since the index’s inception in March.
   Confidence on the ocean freight side is hardly any stronger, slipping from April levels.
   “Ocean freight levels also saw sequential decline on an amalgamated basis,” Stifel Nicolaus said. “Asia-Europe fell 1 percent, Europe-U.S. fell 2.6 percent, and U.S.-Europe fell 2.2 percent. Europe-Asia was the only lane to post improvement, making it the strongest gainer for two months in a row. Asia-Europe continues to see the highest absolute confidence levels of the four lanes tracked by the (index).”