Shipping freight rates from Asia to Europe, the world’s busiest trade route, suffered the biggest ever weekly fall Monday, as European growth stagnates and Japan entered a new recession cycle.

Prices between Asia and European ports fell 20.5% per 20-foot container, to $934 compared with $1,175 at the beginning of last week, according to the Shanghai Containerized Freight Index. Further falls may be on the cards as the peak demand season for Asian exports over the Christmas holidays is already over.

“Clearly shipping lines have at this point lost control over freight rates,” said Jonathan Roach, container shipping analyst at London-based Braemar ACM Shipbroking. “They are desperately trying to fill their ships while being hit by a double whammy: A renewed global economic slowdown and a persistent overcapacity of ships.”