Asia-N.Europe Box Rates Plunge

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 17.8 percent to $540 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.

It was the second consecutive week with falling rates.

Market leader Maersk Line, part of Denmark's A.P. Moller-Maersk, said in May its profit in the first quarter fell 95 percent from a year earlier to $37 million due to weak demand and record low freight rates.

Reporting by Teis Jensen