Spot rates on all major trade lanes fell again last week as Asia-Europe freight rates slumped even further to US$734 per TEU, shrinking 2.7 per cent from the previous week, Shippingazette reports citing the latest data from the Shanghai Containerised Freight Index (SCFI).
Asia-Mediterranean rates also contracted 2.1 per cent, falling $22 in just one week to $1,005 per TEU.
Across the Atlantic and the situation was not much better with freight rates from Asia to the US west coast falling 2.1 per cent to $1,556 per FEU and US east coast rates down 2.3 per cent to $3,053 per FEU.
The SCFI fell 1.8 per cent to 973.73 points, down 17.61 points from the previous week's 991.34 points, the lowest the index has fallen since it hit 989.17 points on March 18 this year.
Across the Atlantic and the situation was not much better with freight rates from Asia to the US west coast falling 2.1 per cent to $1,556 per FEU and US east coast rates down 2.3 per cent to $3,053 per FEU.
The SCFI fell 1.8 per cent to 973.73 points, down 17.61 points from the previous week's 991.34 points, the lowest the index has fallen since it hit 989.17 points on March 18 this year.