Spot freight rates from Asia to North Europe hit their lowest levels in eight months Thursday, as sanctions on Russia and the spread of Covid-19 in China dampen demand.

A large drop of $560 on Tuesday helped push rates down to $12,564 per 40-foot equivalent unit (feu) on 17 March, according to the Freightos Baltic Index (FBX). That’s the lowest freight rate on the trade since the first week of July 2021.

Spot freight rates on the trade have thus dropped 12% — or $1,705 — since the Russian invasion of Ukraine started on 24 February.