AFTER two straight weeks of increases on the Asia-Europe trade, spot rates last week fell 7.2 per cent to US$1,383 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).
The most recent contraction in rates has effectively cut the increases of the past two weeks, which totalled $417 per TEU by 25 per cent.
Rates to the Mediterranean from Asia were also down, plummeting 9.5 per cent to $955 per TEU. This marks the lowest level that rates have fallen to on the route since February 24.
On the US-bound trades the picture was much the same with Asia-US west coast prices slipping 4.1 per cent to $2,310 per FEU, and to the east coast rates contracted 1.8 per cent to $3,319 per FEU.
Across all trades covered by the index the SCFI fell 4.6 per cent to 1,119.66 points.