Asia-Europe container freight rates collapse 78% this year

The SCFI rates for the world’s busiest Asia-Europe lane stood at $271 per teu in the week ended 15 April, down by a sharp 78% from $1,232 at the start of 2016.

The Asia-Europe rates last Friday fell by 6.9% week-on-week, the second consecutive week of falling freight rates.

Since the start of this year, the Asia-Europe rates have been falling for consecutive weeks until a single rebound in the week ended 1 April, before the past two straight weeks of decline again, the SCFI index showed.

The Asia-Europe rates had fallen to a low of $205 per teu in the week ended 18 March this year, a level last seen in the week ended 19 June 2015 also at $205.