The proposed rate increases on the Asia-Europe trade have now been erased as spot rates fell 3.4 per cent week-to-week to just US$793 per TEU last week, according to the latest Shanghai Containerised Freight Index (SCFI), Shippingazette reported.
Elsewhere, the picture was just as gloomy with China-US west coast rates falling 2.5 per cent to just $1,633 per FEU and to the US east coast the rate fell 2.3 per cent to $3,209 per FEU.
Up until last week spot rates to the Mediterranean had been rising, but last week they joined the decline on the other trades, falling 2.8 per cent to $1,096 per TEU.
The combined SCFI last week fell 20.88 points to 1020.38, representing a two per cent week-to-week slump.
Elsewhere, the picture was just as gloomy with China-US west coast rates falling 2.5 per cent to just $1,633 per FEU and to the US east coast the rate fell 2.3 per cent to $3,209 per FEU.
Up until last week spot rates to the Mediterranean had been rising, but last week they joined the decline on the other trades, falling 2.8 per cent to $1,096 per TEU.
The combined SCFI last week fell 20.88 points to 1020.38, representing a two per cent week-to-week slump.