Container freight and charter rates continue to suffer double-digit falls — despite the best efforts of liner operators to stem the declines by slashing services.

The steep falls in recent weeks have taken both container markets back to their lower levels not seen since the early days of the pandemic.

The sharpest drops were registered on the transpacific, where freight rates have slumped 20% over the past week.

Rates from Asia to the US West Coast (USWC) dropped to $2,934 per 40-ft equivalent unit (feu) container in the week to 27 September, down from $19,182 on the same date a year ago.