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Rates fall on major trades led by Asia-Euro fall of 6.6pc to US$1,505/TEU

Time：2012-08-20 Browse：141 Author：RISINGSUN

ASIA-Europe spot rates fell for the third straight week last week, plummeting a further 6.6 per cent to US$1,505 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).

Asia-Mediterranean rates contracted 3.9 per cent to $1,488 per TEU, which is the lowest rates on that trade have been since the first quarter this year.

Spot rates to the US were also not spared last week as rates to the US west coast fell 3.6 per cent to $2,683 per FEU, and to the east coast rates dipped 3.7 per cent to $3,946 per FEU.

Despite the poor performance on the major trade lanes, the SCFI edged up 0.5 per cent to 1,370.36 points on the back of a $453 per TEU increase on the Persian Gulf and Red Sea trade from Asia, according to a report by London-based ship broker ACM/GFI Group.