THE answer to the question whether the recent rate hikes on the Asia-Europe and Asia-Mediterranean will hold appears to have been answered as rates fell on both trades last week.

According to the latest Shanghai Containerised Freight Index (SCFI) Asia-Europe rates plummeted 11.9 per cent week to week to US$1,254 per TEU, while Asia-Mediterranean rates dropped 11.1 per cent to $1,214 per TEU.

The negative trend continued on the Asia-US bound trades as west coast rates edged down 0.9 per cent to $2,104 per FEU and east coast rates dipped one per cent to $3,247 per FEU.

Across all trades covered by the Index the SCFI contracted 4.7 per cent for the week to 1,156.63 points.