Asia-Europe rates off 4.7pc to US$1,028/TEU as transpac slide continues

ASIA-EUROPE rates continued in steep decline last week to US$1,028 per TEU, down 4.7 per cent, or $51 per TEU from previous week, representing the lowest point reached since March, according to the Shanghai Containerised Freight Index (SCFI).

Asia-Mediterranean rates suffered a steeper fall to US$746 per TEU as of November 30, down 5.1 per cent or $40 per TEU from the previous week, falling to a new low since February 17.

Transpacific trades faced similar problems. Asia-US west coast rates continued to fall 2.1 per cent or $43 per FEU to $2,046 per FEU last week, while Asia-US east coast rates were down 1.5 per cent or $47 per FEU to $3,099 per FEU. Both eastbound and westbound transpacific rates have drawn back to mid-March levels.