Drewry's Intra-Asia Freight Rate Index fell 10 percent in the three months to January to reach US$900 per FEU, its lowest level since the rates were first published in March 2011.

The decline in rates was attributed to the slowing of the Chinese economy and cascading tonnage by the London shipbroker and research house.

The index is a weighted average of spot container freight rates across multiple routes serving intra-Asian trades, excluding south Asia and Middle East trades.

Hong Kong's Orient Overseas Container Line (OOCL) posted fourth quarter intra-Asia/Australasia liftings as 7.2 percent down year on year with revenue declines of six percent.

"Shipping lines have been deploying larger ships and introducing new services, which increases the pressure on intra-Asia freight rates," said Drewry Supply Chain Advisors analyst Stijn Rubens.

"We expect the decline in intra-Asian rates to stabilise as trade picks up following Chinese New Year," he said. "But longer term, rates on these routes will remain under pressure so long as carriers cascade tonnage on these once buoyant trades."

Mr Rubens said intra-Asia index was usually stable, but has been impacted by a slowdown in China's economy, which has depressed demand in these trade lanes.

The collapse in intra-Asian pricing contrasts with a recovery in global container freight rates over the same period, noted American Shipper.

Drewry's Global Freight Rate Index, which excludes intra-Asia and intra-Europe trades, went up 11 percent in the three months to January to reach $2,135 per FEU, it said.

Drewry said that the global increase was supported by stronger rates on east-west headhaul trades, but added that pricing on north-south routes, particularly those serving South America and Africa, have weakened in recent months.