Asia to Europe container rates have continued to decline over the past 10 days, despite vessel utilisation levels increasing.

On Friday, the global Shanghai Containerised Freight Index, which is published on a weekly basis, dropped 1.9% on the previous week to 1,277.04 - the 16th consecutive week that rates have slipped.

But while rates fell, analysts at the Shanghai Shipping Exchange (SSE) said the speed of decline had slowed, owing to the ending of the week-long Chinese National Day holiday and the re-start of production and, therefore, exports.

Re-stocking in preparation for the Christmas rush had also contributed to volume increases.

SSE analysts said: "The fact that voyages that were cancelled during the National Day had to be re-launched greatly [assisted] the previous capacity surplus, with slot utilisation climbing above 95%."

"Mediterranean services also turned around, with the average slot utilisation reaching 85%, even 90% for some voyages. And the rate decline of this trade slowed, due to the thriving volume."

Last week, rates on services from Shanghai to Northern Europe fell by US$12 on the previous week, to $1,535 per teu. Rates to Mediterranean ports were down $22 at $1,512 per teu.

Rates on services from Shanghai to the US east and west coasts declined by more than $100 per feu, compared with a week earlier, as volumes were lower than anticipated.

West coast rates were down $101 to $2,202 per feu and rates to the east Coast slipped $148 to $3,557 per teu.

"The cargo volume rose somewhat on North America services this week, but was not as strong as on the Europe and Mediterranean services," SSE said.