DREWRY's World Container Index, a composite of freight rates on eight major trade lanes was down 3.6 per cent to US$1,500.87 per FEU as of May 18 year on year.
The average composite index of the World Container Index assessed by Drewry for the year to date is $1,587 per FEU, $118 lower than the five-year average of $1,705 per FEU, but 43 per cent higher than a year ago.
The spot rates on the Asia-Europe trade continue to tumble, and as a result, the World Container Index (WCI) on Shanghai to Rotterdam declined three per cent or $58 to $1,811 per FEU.
Similarly, general rate increases on transpacific routes also lost ground, but at a slower pace, according to London's Drewry Maritime Research.
Last week, the WCI on Shanghai-Los Angeles and Shanghai-New York fell by another nine per cent and three per cent respectively.