Container freight rates have fallen by their highest level in nearly five years.

The benchmark Freightos Baltic Index (FBX Global) dropped by 770, or 7.3%, on Friday to hit 9,770.

Brokers said this is the FBX’s largest fall since inception in October 2016.

The drop was led by a sharp drop on in the transpacific market.

Rates on the FBX1 route from China to the US West Coast dropped $3,410 to $15,827 per 40-foot equivalent unit (feu).