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A-E rates off 2.1pc to US$1,083/TEU, transpac up 6.6pc to $2,178/FEU

SPOT rates on Asia-Europe routes slipped 2.1 per cent to US$1,083 per TEU for the fourth straight week, and down $100 year on year, according to data from the Shanghai Containerised Freight Index (SCFI).

Mediterranean rates fell 3.4 per cent last week to $1,378 per TEU, according to SCFI data, but were up year on year by $167.

Transpacific rates to US ports from Asia were up 6.6 per cent to $2,178 per FEU to west coast ports and rose 4.4 per cent to $4,344 per FEU to American east coast ports.

Drewry's Hong Kong and Los Angeles benchmark rate was unchanged at $2,075 per FEU for a second straight week.

But Drewry expects the benchmark to rise in response to the September rate hikes, but weaken as prices to the US west coast decline as more tonnage chases declining cargo volumes.

With additional capacity in the market, Asia-Europe carriers have resorted to cutting rates to fill ships, a typical move in these situations, said Freight Investor Services broker Richard Ward.

Rates to Europe have now fallen $372 since August 1, perhaps signalling an end to the peak season, he told Lloyd's List.

Zim's announced ad hoc sailings could "negatively impact any further attempts to increase rates during the remaining four months of the year? he said.

"With one vessel planned each month for the next three months, in addition to their August sailing, reports now suggest that Zim will continue to offer rates into the market $300 per TEU below prevailing levels,?he said.