SPOT rates to the US west coast from Shanghai Containerised Freight Index (SCFI) fell 1.3 per cent US$1,891 per FEU at the end of last week, making a straight second week of declines. To the US east coast, the spot rate fell $101 per FEU.

The SCFI rate from Shanghai to north Europe fell 9.4 per cent or $91 from the week before to $875 per TEU. Last week's SCFI to northern Europe was 25.3 per cent down year on year, and 31.1 per cent lower than at the beginning of 2013.

"It is ugly and getting uglier. Quite where the decline is going to stop is hard to gauge," said Clarksons Securities freight derivatives broker Benjamin Gibson.

SCFI Asia-Med spot rates fell $62 per TEU to below $1,000 per TEU mark for the first time since the end of May.

The spot rate from Shanghai to Mediterranean ports dropped 6.2 per cent from last week to $944 per TEU. Last week was the seventh consecutive week of declines in this trade lane with rates falling 36.8 per cent or $549 per TEU during this period.