Xeneta, the Norwegian ocean freight rate benchmarking platform, has launched today a new shipping index. The monthly snapshot of regional container trades is based on Xeneta’s database of over 85m contracted freight rates. The Xeneta Shipping Index (XSI) Public Indices report provides a detailed overview of the busiest global trade corridors, and is a follow-up product to its index-linked contracting product launched in June.
“The XSI Public Indices provide an industry wide snapshot, taking the pulse of the long-term contracted market to deliver insights on the latest developments and cast light on the highly complex, fast-moving ocean freight sector,” said Xeneta CEO Patrik Berglund. “The XSI Public Indices are unique as this is the first time this level of visibility into the contracted market, with the frequency of updates and breadth of rate data, has ever been made available. It offers all stakeholders from all sides the possibility to freely track the long-term market’s movements, building up a month-by-month picture of trends in the key regions of Europe, the US and the Far East, as well as global developments.”
The data covers over 160,000 port-to-port pairings. The long-term rates used in the XSI Public Indices have a valid start date within 90 days of the 20th of each month.
The first report, launching today, shows an increase in the global XSI Index of 0.7%, reversing the downward rates trend seen over the last three months.
The European import market is helping drive the positive change, Xeneta claimed, with the index up 1.6% year-on-year this month, while the export measure fell 0.1%.
In the next few months, the XSI Public Indices will add further business intelligence, such as carrier price.