ASIA-EUROPE spot rates plunged 12.2 per cent last week to US$940 per TEU, while Asia-Mediterranean rates fell 11 per cent to $955 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).

This marks the lowest that rates on the Asia-Mediterranean trade have been since November last year when they had fallen to just $746 per TEU.

London-based ship broker ACM/GFI Group reports that a number of carriers have announced they will defer their April 15 rate increases to May 1, "which will see rates continuing to slide over the coming two weeks".

After the recent increase for US-bound rates from Asia, rates on both east and west coast routes were down again last week, a fact that the ship broker felt did not bode well for the upcoming annual transpacific contract negotiations.

Asia-US west coast rates were down 3.3 per cent for the week to $2,226 per FEU, while east coast rates were down 2.1 per cent to $3,380 per FEU.

Across all trades covered by the index the SCFI was down 2.1 per cent to 1,117.24 points.