Asia-Northwest Europe trade sees record rates dive

The largest ever drop in container freight rates on the world’s busiest liner trade has shone a fresh light on overcapacity in the sector.

Freight rates from Asia to Northwest Europe fell another 21% last week, dropping $241 to $934 per teu, according to the Shanghai Containerised Freight Index (SCFI).

Rates on the route have now fallen for 33 weeks out of the last 45, reflecting the continued weakness in market fundamentals, says derivatives broker Freight Investor Services (FIS).

Carriers