Rates plunge led by 6.2pc fall on Asia-Med as Asia-Europe hits US$1,113/TEU

FREIGHT rates across all major trade lanes fell last week, but it was the Asia-Mediterranean trade that was hit the hardest, plunging 6.2 per cent to US$1,130 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

The Asia-Europe trade, which has suffered the most significant declines in recent memory, saw a 3.9 per cent slip in rates to $1,113 per TEU for the week.

Rates from Asia to the US west coast, which had actually held up over the past few weeks, took a significant tumble, dropping 5.1 per cent to $2,592 per FEU.

Asia-US east coast rates continued their downward spiral, slipping 3.8 per cent to $3,539 per FEU.

Across all trades covered by the index, the SCFI contracted 3.6 per cent to 1,202.96 points.