THE Golden Week holiday in China did no favours for the Asia-Europe trade as rates plunged five per cent to US$697 per TEU last week, according to the latest Shanghai Containerised Freight Index (SCFI) data provided by UK-based ship broker GFI Group.

Transpacific rates also took a hit during the week following the Chinese holiday with Asia-US west coast rates falling 3.9 per cent to $1,495 per FEU and Asia-US east coast rates slumping 2.6 per cent to $2,976 per FEU.

On the Asia-Mediterranean trade, which had up until recently been performing well, rates also fell 3.4 per cent to $971 per TEU.

Across all trades covered by the index the SCFI fell by 2.7 per cent to 947.54 points.