Asia-Europe rates lowest since first quarter, down 4.7pc to US$1,46/TEU

ASIA-EUROPE spot rates have fallen to their lowest level since the end of the first quarter, after plunging a further 4.7 per cent last week to US$1,434 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

Rates from Asia to the Mediterranean fared little better, falling 4.2 per cent for the week to $1,426 per TEU.

The Atlantic the situation was just as bad with Asia-US west coast rates down 4.3 per cent to $2,568 per TEU and down 2.3 per cent to the east coast to $3,855 per FEU.

Across all trades covered by the index the SCFI declined by 2.3 per cent to 1,333.67 points.