Spot rates for shipping from Asia to northern Europe dropped 22.8 per cent to US$400 per TEU in the week ended last Friday, Reuters reported.

The Shanghai Containerised Freight Index (SCFI) rates fell 24 per cent from Asia to ports in the Mediterranean, and 4.4 per cent to ports on the US west coast and were down 3.7 per cent to ports on the US east coast.

Break-even rates are said to be US$800-US$1,000 per TEU on these routes.

It was the third consecutive week of falling freight rates on the world's busiest route. Container freight rates have so far increased in five weeks this year but fallen in 23 weeks.