Spot rates on the Asia-north Europe route on the Shanghai Containerised Freight Index (SCFI) fell 8.8 per cent to US$466 per TEU in the week ending Friday, the lowest level since the index began in 2009, Reuters reports.

In the tenth consecutive week of declines, Asia-Mediterranean rates fell 8.4 per cent, while transpacific rates increased 15.3 per cent to $1,932 per FEU over last week and were six per cent up year on year.

While the transpac increase stopped a seven-week decline, it was still $333 per FEU lower than the high point of the year scored on February 13 just before Chinese New Year.

FIS Container Derivatives said in its weekly commentary that the carriers' most recent attempts to prop up rates had fallen flat.

"The GRI [general rate increase] that was due to come into effect from April 1 was subsequently delayed by a week and this week's SCFI suggests that once again these attempts have failed," it said.

"Carriers are taking remedial action with ad hoc sailing cancellations during the month of May. No doubt these will be combined with yet another GRI attempt for maximum effect at the expense of disruption to shippers."

FIS said shippers who with typical $600-$800 per TEU contracts were now paying twice the market rate.

"When the spot market remains highly volatile, fixed price contracts become an unattractive way to conduct business, with one party always losing out," said the FIS commentary.

A forwarder put out of Shanghai and Hong Kong told Newark's Journal of Commerce that even though the lines were burdened with excess capacity on Asia-Europe, he did not understand why the carriers accepted such low rates.

The forwarder said the Shanghai to Rotterdam transit time was double that of Shanghai to Los Angeles, yet the rates on the Asia to North Europe trade were half those of the trans-Pacific.

"I don't get it," he said. "And it is the lines that are offering these rates. When one line starts to lower prices, the forwarders ask the other lines and down the rate goes."