Spot rates cited on the Shanghai Containerised Freight Index (SCFI) on the Asia Europe route fell 5.1 percent last week to US$1,003 per TEU, just above the $1,000 break-even point.

With west coast congestion, US east coast spot rates hit $5,049 per FEU, up 1.4 percent last week as rising demand for the all-water service pushed rates to record highs.

US west coast rates from Shanghai to Los Angeles rose just $23 to $2,265 per FEU, up one percent on the previous week, and 7.4 percent year on year.

Asia-Europe spot rates have now lost most of the gains made in January, with the expected Chinese New Year demand falling short of expectations.

Even though Chinese New Year was earlier last year, compared to the same week the spot rate was 36 percent down on the $1,580 per TEU carriers were able to achieve in 2014.