Container freight rates from Asia to Europe have plunged by more than 40% to pre-pandemic levels or below.

The drop over recent days suggests that a price war being fought in the transpacific is spreading to the world’s largest container trade.

Freight rates from Asia to North Europe were hovering slightly above $1,500 per 40-foot equivalent unit (feu) on 8 March, according to the Freightos Baltic Index (FBX).