ANOTHER round of freight rate declines emerged last week as Asia-US west coast rates fell 3.2 per cent to US$2,510 per FEU, while rates to the US east coast dipped 2.4 per cent to $3,454 per FEU, according to the Shanghai Containerised Freight Index (SCFI).

But it was on the Asia-Europe and Asia-Mediterranean trades where the biggest falls were recorded.

The average spot rate on the Asia-Europe trade dropped 3.5 per cent week to week to $1,074 per TEU, whereas the average rate on the Mediterranean route plunged 4.8 per cent to $1,076 per TEU.

Across all trades covered by the index the SCFI contracted 2.3 per cent to 1,174.80 points.