SHANGHI (Bloomberg) — China Shipping Container Lines Co., the country's second-largest cargo-box carrier, fell to the lowest in more than a year in Hong Kong after rates dropped.

China Shipping Container fell 4.6 percent in Hong Kong trading to HK$2.30, the lowest since April 11, 2007. The stock dropped 15 percent last week.

A global economic slowdown has curbed demand for container traffic, forcing shipping lines to cancel surcharges and cut rates. The China Containerised Freight Index fell 0.9 percent last week due to weak demand on routes to Europe and North America.

"Shipping lines are being forced to lower prices as demand slumps," said Jack Xu, an analyst at Sinopac Securities Co. in Shanghai.

"This season is traditionally the strongest, so investors weren't expecting rate cuts."

China Shipping Container fell three percent to 4.51 yuan in Shanghai.

In Singapore, Neptune Orient Lines Ltd., Southeast Asia's largest sea-cargo carrier, declined 4.4 percent to S$2.63. That's the lowest for the shares February 2, 2007.