Spot rates from the Shanghai Containerised Freight Index (SCFI) fell last week on east-west routes with Asia-Europe dropping 13 percent week-to-week and 36 percent year on year to a record US$708 per TEU, the lowest in a year and a half.

SCFI spot rates to troubled US west coast ports fell 4.5 percent last week to $1,835 per FEU. Asia-Med rates fell 15 percent week-to week and 16 percent year on year to $956 per TEU.

Asia-US east coast rate while suffering a 3.7 percent week-to-week decline to $4,569 per FEU, was still a 40 percent increase year on year, reflecting the continuing cargo diversion from troubled American west coast ports.

Carriers have announced rate increases of between $800-$1,000 per TEU to arrest the slide.

"Rates have lost $548 over the past six weeks so it's no surprise that the latest attempt to increase rates comes with such a large quantum," said FIS Container Derivatives in its weekly commentary.

Cosco is to levy an Asia-North Europe and Asia-Med rate hike of $850 per TEU on March 15. Evergreen will increase rates on the same trade $750 per TEU at the same time.

Meanwhile, the United Arab Shipping Company (UASC) will implement a $950 per TEU on the Asia-North Europe run on April 1.