Container freight rates are falling as the peak season fails to live up to carriers' expectations.

Low utilisation is being blamed for dragging down freight rates in the Asia to Europe and transpacific eastbound trades.

It has helped fuel a 10.5% drop in the World Container Index (WCI) in the week ending 16 November.

The WCI, which measures freight rates on eight major routes to and from the US, Europe and Asia, was down to $1,230 per 40-foot container.