Asia-northern Europe spot rates on the Shanghai Containerised Freight Index fell 10.2 per cent last week to US$738 per TEU, a near 12-month low.

It was a fourth straight week of decline on the Asia-Europe route, achieving a low point last hit on October 25, 2013. This year, rates have increased in 11 weeks, but fallen in 29.

The index of four of the main routes from Asia fell 2.6 per cent to $911.03 per TEU. Rates to ports in the Mediterranean fell 8.2 per cent, while rates to the US east and west coasts fell one per cent and two per cent respectively.

"With the October general rate increase set to be a washout and rates currently well below break-even you can be sure that additional rate increases will be announced over the remaining months of the year," container derivatives trader Richard Ward from London's FIS wrote in a note to clients.

Said Sydbank analyst Jacob Pedersen: "The coming quarters will be brutal with many new vessels coming to the market and a seasonally weaker market."