Xeneta unveils XSI Public Indices, delivering monthly insights on long-term ocean freight rate development
Xeneta is utilizing its database of over 85 million contracted freight rates to deliver a unique monthly snapshot of long-term rate developments in the container industry. The new Xeneta Shipping Index (XSI™) Public Indices report provides a detailed overview of the busiest global trade corridors, allowing users to gauge regional developments and track trends for key markets, the company said in a press release.
In June this year Oslo-headquartered Xeneta, the leading ocean freight rate benchmarking and market intelligence platform, debuted the full version of the XSI index-linked contracting product. It enables cargo buyers and sellers to gain unparalleled real-time intelligence of market developments, meaning they can tie rates to the market. This results in fair rates, optimal value for shippers, forwarders and carriers, and an end to the burden of frequent or periodic contract negotiations.
Xeneta’s platform is built on constantly updated crowd-sourced rates pooled from hundreds of leading global players, including shippers such as Electrolux, Nestle, Unilever, ThyssenKrupp, Tata Steel and Continental. This wealth of exclusive 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, with the index up 1.6% year-on-year, while the export measure fell 0.1%. The US imports XSI held firm month-on-month, while the export index climbed a significant 3.1%. The Far East sees a slight decline of 0.1% relating to imports, while the exports XSI rose 0.4%.
Xeneta’s XSI Public Indices will be released on the last week of every month. In the next few months, the XSI Public Indices will add further business intelligence, such as carrier price movements, giving a multi-layered understanding of the health of the market.
Xeneta is the leading ocean freight rate benchmarking and market intelligence platform transforming the shipping and logistics industry. Xeneta’s powerful reporting and analytics platform provides liner-shipping stakeholders the data they need to understand current and historical market behavior – reporting live on market average and low/high movements for both short and long-term contracts. Xeneta’s data is comprised of over 85 million contracted container rates and covers over 160,000 global trade routes. Xeneta is a privately held company with headquarters in Oslo, Norway and regional offices in New York and Hamburg.