SPOT rates for shipping containers from Asia to northern Europe fell 23.2 per cent to US$640 per TEU as of Friday after falling 24.9 per cent the week before, Reuters reports. 

The Shanghai Containerised Freight Index (SCFI) rates also fell 21.4 per cent for shipments from Asia to ports in the Mediterranean to $880 per TEU. 

But rates to the US west coast were up 11.5 per cent and increased 5.8 per cent to US east coast ports.

Break-even rates for the Asia-Europe trade are reckoned to be between $800-$1,000 per TEU.

Since January, eight attempts to raise rates have failed to stick, even as spot freight rates fell to an all-time low of less than $200 per TEU in June, due to weak cargo volumes and carriers' reluctance to cut capacity on a concerted basis, according to Alphaliner.