SPOT rates from Asia to northern Europe on the Shanghai Containerised Freight Index (SCFI) fell 1.7 per cent to a record low of US$343 per TEU last week, reported Reuters.

It was the 13th consecutive week of falling rates on the world's busiest route, to the lowest level since the SCFI was launched in 2009.

Rates jumped 43.7 per cent from Asia to ports in the Mediterranean $684 per TEU, rising $208 in a week as Maersk Line levied a $850 per TEU and $1,700 per FEU rate hike from May 1.

Transpacific rates were up 11.7 per cent to $1,783 per FEU, falling short of the market break-even point of $2,050 per FEU through California ports and $2,100 per FEU through Pacific Northwest ports.

Spot rates on the Asia-US east coast were flat, falling one per cent to $3,605 per FEU but eight per cent better year on year.

Even with that increase rate remains 42 per cent below the level recorded during the same week last year.

“While most cargo in the trade continues to move under contract, more customers use the short-term market as a hedge for certain commodities and types of shipments,?said TSA executive administrator Brian Conrad.