Spot rates for shipping containers from Asia to Northern Europe fell 26 percent to US$545 per TEU in the week ending Friday, according to the Shanghai Containerised Freight Index (SCFI).

The Asia-Med component of the SCFI fell 27.6pc to $629 per TEU, Reuters reported.

Rates dropped 2.8 percent to ports on the US west coast and were down 1.5 percent to ports on the US east coast, Reuters reported.

Traditionally container rates rise ahead of the Chinese New Year, but rates on Friday showed there is high chance of ending that "tradition" this year.

Last year average freight rates were $1,098 per TEU ahead of the Chinese New Year and $1,659 per TEU the year before. But rates this year for Asia to Europe have just averaged $739, indicating a bleak outlook of the industry.