ASIA-Europe spot rates fell 4.4 per cent last week to US$1,747 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).

The decline marks the second consecutive week-to-week contraction on the trade since carriers managed to push rates up by $339 per TEU at the end of June.



The total slide in rates over the past two weeks has had the effect of almost halving the value of the most recent rate hike, as rates have come down $141 since June 29.



Elsewhere, Asia-Mediterranean rates also fell 4.7 per cent to $1,727 per TEU.



Rates to the US from Asia also dipped last week, as US west coast rates contracted 3.3 per cent to $2,476 per FEU, and east coast rates slid 2.4 per cent to $3,639 per FEU.



Across all trades covered by the index the SCFI posted a 3.5 per cent contraction to 1,373.52 points.