Spot rates on the Asia-Europe route fell to an 11-week low, dropping 9.5 per cent from the previous week to US$822 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

Last week's SCFI Asia-Mediterranean rates were down 9.1 per cent from the previous week to $1,125 per TEU, though Lloyd's List noted the new lows were still higher than last year's prices.

Shanghai-US west coast rates fell 7.5 per cent week-to-week by $156 to $1,930 per FEU, putting the year-to-date average at $1,948 per FEU - eight per cent down year on year. US east coast rates fell five per cent by $213 to $4,085 per FEU.

Drewry‘s Hong Kong-Los Angeles container freight rate benchmark decreased by 10 per cent or $200, to $1,875 per FEU.