Container shipping freight rates on the Asia-Europe trade have plunged by 78% this year up until the week ended 15 April, following two consecutive weeks of decrease, according to the Shanghai Containerised Freight Index (SCFI).

The SCFI rates for the world’s busiest Asia-Europe lane stood at $271 per teu in the week ended 15 April, down by a sharp 78% from $1,232 at the start of 2016.

The Asia-Europe rates last Friday fell by 6.9% week-on-week, the second consecutive week of falling freight rates.

Since the start of this year, the Asia-Europe rates have been falling for consecutive weeks until a single rebound in the week ended 1 April, before the past two straight weeks of decline again, the SCFI index showed.

The Asia-Europe rates had fallen to a low of $205 per teu in the week ended 18 March this year, a level last seen in the week ended 19 June 2015 also at $205.