SPOT rates fell on all major trades last week, less than two weeks shy of March 1, the date when a large number of rate increases have been proposed, including on the ailing Asia-Europe trade.

According to the latest Shanghai Containerised Freight Index (SCFI), Asia-Europe rates contracted 1.4 per cent to US$711 per TEU, while Asia-Mediterranean rates fell three per cent to $735 per TEU.

On the Asia-US west coast trade rates declined 1.4 per cent to $1,798 per FEU, while rates to the east coast remained essentially flat, dipping by 0.1 per cent to $2,943 per FEU.

Across all trades covered by the index the SCFI declined by 1.6 per cent to 949.33 points.