Slack season spot rates from the Shanghai Containerised Freight Index (SCFI) on Friday fell 26.4 percent year on year to US$620 per TEU on the Asia-Europe route, hitting their lowest point in 18 months following seven straight weeks of declines.

Asia-Mediterranean rates fell 15.4 percent year on year to $808 per TEU and 21.7 percent week to week, according to SCFI data.

Transpacific rates were also down, falling to $1,748 per FEU from Shanghai to the US west coast, 4.8 percent lower than the week before.

Asia-US east coast rates fell 4.9 percent to $4,355 per FEU, with the rate suffering four weeks of declines.