Asia-Europe rates off 7.9pc to US$1,104/TEU, Asia-Med down 10pc
ASIA-EUROPE spot rates plunged 7.9 per cent last week to US$1,104 per TEU, marking the fifth straight week of declines, according to the latest Shanghai Containerised Freight Index (SCFI).
Rates fell 10 per cent on the Asia-Mediterranean trade for the week to $1,033 per TEU. This is the lowest rates on the trade have been since December 7 when they were just $722 per TEU.
Declines also occurred on the US-bound trades from Asia, albeit not quite as severe as the Europe and Mediterranean routes.
Asia-US west coast rates slipped 3.3 per cent week to week to $2,287 per FEU while US east coast rates dipped two per cent to $3,447 per FEU.
Across all trades covered by the index the SCFI declined 4.2 per cent to 1,117.04 points.