Spot rates for shipping containers from Asia to northern Europe fell 31 per cent to US$674 per TEU in the week ended on Friday after more than tripling to $988 the week before, according to Shanghai Containerised Freight Index (SCFI), according to IHS Media.

On the Asia-Med run, rates fell 20 per cent in the week ending Friday to $646 per TEU after quadrupling to $804. Rates in the last week of October skyrocketed, as some carriers appeared to gain some of their general rate increases on November 1.

The spot rate to the US west coast plunged 20 per cent to $1,102 per FEU and were 15 per cent down to US east coat to $2,015.