SPOT container rates from Asia to Europe suffered their steepest slide in 13 weeks to northern Europe, and an 18-week record plunge to the Med in the week ending August 16 according to the Shanghai Containerised Freight Index.

The spot rate from Shanghai to northern European ports fell 7.1 per cent or $102 in the week from the week before to $1,334 per TEU. The current SCFI index to northern Europe is 11.4 per cent below where it was at the same point in 2012, but five per cent higher than at the beginning of 2013.

The spot rate from Shanghai to Mediterranean ports slid 7.0 per cent or $98 in the week ending August 16 from the week before to $1,312 per TEU and the current SCFI index to the Mediterranean is off 11.8 per cent year on year but up 13.3 per cent from January 1.

Further increases in this lane have been proposed for September 1. NYK, MSC, UASC, OOCL, Maersk, and CMA CGM have set increases of between $300 and $650 per TEU for cargo on the Asia-Europe lanes. Hapag-Lloyd has also announced a general rate increase of $500 per TEU in this lane for September 2.

Meanwhile, container rates to the US east and west coasts during the same period showed further declines of the August 1 ocean carrier general rate increase of $400 per FEU to the US west coast and $600 to the east coast.

The spot rate from Shanghai to the US west coast dropped 2.7 per cent by August 16, or $53, from the previous week to $1,941 per FEU, according to SCFI. The current spot rate is 27.7 per cent below the level in the same week last year and is 12.6 per cent, or $280, less than at the beginning of 2013.

The spot rate to the US east coast slipped 1.1 per cent, or $38 per FEU, to $3,408, and the current rate is down 13.6 per cent from the same week in 2012, but up 1.5 per cent, or $50, from January 1.

The next round of rate increases has been announced for September 1. So far, Hapag-Lloyd and Maersk have announced increases similar to those set in August - $400 per FEU to the US west coast and $600 per FEU to the east coast. Cosco announced an increase of $400 per TEU to all North American destinations.