Asia-Europe rate hikes wiped as spot rate falls 11.9pc to US$1,079/TEU

IT has taken just three weeks for the rates hikes on the Asia-Europe trade to be wiped out after a further 11.9 per cent plunge last week to US$1,079 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

Asia-Mediterranean rates shared a similar fate, falling 8.2 per cent to $786 per TEU. This marks the lowest that rates have been on the trade since March 2.

Rates on the Asia-US west coast slumped 6.1 per cent to $2,089 per FEU, marking a 31-week low, while Asia-US east coast rates edged down 3.1 per cent to a 34-week low of $3,146 per FEU.

Across all trades covered by the index, the SCFI fell 5.1 per cent to 1,077.34 points.