ASIA-Europe rates fell again last week to a new low of US$540 per TEU, down 5.8 per cent week to week, according to the latest Shanghai Containerised Freight Index (SCFI) data.

The decline of freight rates on all major trade lanes is believed to be part of a push by the larger carriers to force market consolidation, said UK-based ship broker GFI Group.

"The main indices keep falling, as big liner companies are aiming for a consolidation of the industry. The deliberate push in rates is a result of a fight for market share," the group said.

Asia-Mediterranean rates fell by 4.76 per cent week to week to $768 per TEU.

On the Asia-US trades rates fell again as well with US west coast rates slipping 1.4 per cent to $1,460 per FEU and US east coast rates dropping 3.1 per cent to $2,626 per FEU.

The SCFI across all trades fell 1.4 per cent last week to 853.8 points.