Spot rates from Asia to Europe have fallen by $221 since the last rate hike at the end of June. Asia-Mediterranean rates also declined last week, slipping 4.4 per cent to $1,651 per TEU.
Rate declines on the US trades were not quite as steep, but still significant with US west coast rates from Asia falling 3.5 per cent week to week to $2,389 per FEU, while US east coast rates edged down 2.2 per cent to $3,559 per FEU.