SPOT rates from Asia to north Europe rates fell 14.4 per cent last week to US$241 per TEU, according to the Shanghai Containerised Freight Index (SCFI), reported London's Loadstar.

The Shanghai-Med SCFI rate fell 17.6 per cent to $312 per TEU while prices to the US west coast fell 7.3 per cent to $1,341 per FEU and rates to the US east coast dropped 4.6 per cent to $3,004 per FEU. 

"At current levels, rates do not come close to covering the average industry BAF [bunker adjustment factor surcharge] of around $360 per TEU - a dire situation for carriers that are less financially sustainable," said freight derivatives broker Richard Ward of Freight Investor Services.