| Asia-Europe rates down 4.6pc to US$1,667/TEU, all major routes slide
ASIA-Europe spot rates plunged a further 4.6 per cent last week to US$1,667 per TEU, marking the third consecutive week of contractions, according to the Shanghai Containerised Freight Index (SCFI).
Spot rates from Asia to Europe have fallen by $221 since the last rate hike at the end of June. Asia-Mediterranean rates also declined last week, slipping 4.4 per cent to $1,651 per TEU.
Rate declines on the US trades were not quite as steep, but still significant with US west coast rates from Asia falling 3.5 per cent week to week to $2,389 per FEU, while US east coast rates edged down 2.2 per cent to $3,559 per FEU.
Across all trades covered by the index the SCFI contracted 3.3 per cent to 1,327.45 points.
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