• 2022 September 29 09:48

    Long-term contracted rates fell by 1.1% in September - Xeneta

    The latest data from the Xeneta Shipping Index (XSI®) reveals long-term contracted rates fell by 1.1% in September. This is the first drop since January and one of only three declines in the past 21 months. However, analysts at Oslo-based Xeneta, which aggregates data from leading global shippers and freight forwarders, expect “it won’t be the last”, with market fundamentals suggesting the “halcyon days” of ever-increasing rates for carriers may be drawing to a close.
     
    The industry has to bear in mind that this month’s, and upcoming, rates falls should be seen in a context of a market that’s been in overdrive for a sustained period of time.
     
    Despite the decline, the XSI is currently 112% higher than it was in September 2021.
     
    In Europe the import index fell 1.7%, while exports edged down 0.1%. However, the month-on-month picture is over-shadowed by spectacular year-on-year long-term contract growth, with rates up 123.7% for imports and 75.5% for exports against September 2021. Drops were also seen for both Far East import and export benchmarks, with the former falling 1.2% and the latter 3% (this month’s largest decline). The figures reflect falling volumes across the board, with cargoes into the region dropping 8.5% and those out sliding 1.4%.
     
    The US export index is the only benchmark to buck this month’s trend, with marginal growth of 0.3%. Imports, meanwhile, fell by 0.7%, but should be seen in the context of a rates index sitting up 179.7% year-on-year.

    Xeneta is the ocean and air freight rate benchmarking and market analytics platform transforming the shipping and supply chain industry. Xeneta’s powerful reporting and analytics platform provides liner-shipping and air cargo stakeholders the data they need to understand current and historical market behaviour – reporting live on market average and low/high movements for both short and long-term contracts. Xeneta’s data is comprised of over 300 million contracted container shipping and air freight 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 Jersey, USA and Hamburg, Germany.




2024 February 26

18:06 Cetus Maritime merge with Nachipa Corp
17:32 HD Korea Shipbuilding wins US$1.08 bln order for LNG ships
17:17 Asian shipping companies to face over €1 bln in emissions costs under new EU regulations
16:57 Panama Canal’s revenue up 14.9% to $4.968 bln in 2023
16:24 DP World and Masdar partner to drive renewable power for port operations
14:59 Singapore's Seatrium announces loss of $1.4 bln in 2023
14:24 Euronav orders two eco-friendly bitumen tankers
13:52 Vopak advances Singapore's bunkering hub with new biofuel capacity
13:22 Germany's Mukran LNG terminal starts trial operations
12:42 Glomar Offshore reduces CO2 emissions by 28% with transition to sustainable biofuel
12:22 Oil tanker shortage exacerbates global petroleum trade disruptions amid Red Sea attacks
11:48 QatarEnergy to boost global LNG production with new North Field West project
10:29 European Commission clears acquisition of Bollore Logistics by CMA CGM

2024 February 25

15:46 Mitsubishi Shipbuilding completes basic design of ammonia fuel supply system for marine engines under development by WinGD
14:33 Final tender for technical support opens for aids to navigation maintenance in Australia
13:18 HII launches Virginia-class submarine Massachusetts at Newport News Shipbuilding
12:07 IMO agrees new guidance for safe transport of plastic pellets on ships
10:25 ​QatarEnergy names the first carrier of its LNG expansion fleet

2024 February 24

15:17 CMA CGM announces RRI03 from North Europe & the Mediterranean to/via USA, Canada & Mexico
14:31 Hanwha Ocean seals $256 million deal to build VLCC pair
12:38 New cable layer joins Boskalis fleet following major conversion
10:33 Port of Rotterdam adopts Green Award verification for new EU shipping sustainability incentives
09:57 MPA selected 11 proposals to advance electric harbour craft designs in Singapore

2024 February 23

15:57 Vitol and EOG Resources enter into long-term gas supply agreement indexed to Brent pricing
13:47 PortNews’ top headlines, Jan 19-26
12:06 BOEM approves construction and operations plan for empire wind’s offshore wind project
10:40 Clear early policy decisions needed to prevent the UK's energy transition stalling, says DNV

2024 February 22

18:04 United Maritime Corporation expands fleet with new bulk carrier
17:42 Euroseas reports Q4 and FY 2023 results
17:16 Scrubber savings up to 13 bln USD amid IMO2020 regulations implementation
16:14 HD Korea Shipbuilding secures 172.4 bln-won order for two LPG carriers
15:51 Baltic Sea Action Plan Fund allocates EUR 1 mln to 10 new environmental projects
15:24 The first Norsepower Rotor Sail funded by German Government to be fitted on Baltrader’s new cement carrier
14:45 HD Hyundai Marine Solution bags deal for LNG carrier re-liquefaction
14:13 Eastern Pacific Shipping partners with bound4blue for first wind-assisted propulsion system installation
13:42 Baker Hughes lands multi-year well construction services contract with Petrobras
13:32 MABUX: Bunker Weekly Outlook, Week 08, 2024
13:20 Unifeeder launches new direct service linking Aruba and Curaçao with Colombia
12:43 The use of Nextlogic at the Port of Rotterdam leads to a 20% reduction in port waiting times
12:21 Vitol Bunkers takes delivery of first biofuel barge in Asia
11:43 Galveston LNG Bunker Port joins SEA-LNG coalition
10:58 Liberian bulk carrier banned from Australian ports
07:39 Container shipper HMM receives an A- score from Carbon Disclosure Project

2024 February 21

18:00 SBM Offshore receives ExxonMobil Ruby Supplier Award for offshore operations
17:25 ZeroNorth and Alpha Ori Technologies close deal to form a new company
17:06 SeaLead and Blue Water Line launch Gulf India Express service
16:34 Auramarine signs agreement with Yiu Lian Dockyards and Guangzhou Jihai Shipping Material for the implementation and uptake of methanol dual fuel systems
16:12 VARO and Orim Energy to scale-up sustainable shipping fuel capabilities
15:34 Biden to sign executive order on US port cybersecurity
15:11 EDGE Group and Fincantieri form joint venture
14:57 Allseas completes infield pipelay scope for BP's GTA LNG project offshore Mauritania and Senegal
14:11 BYD to expand fleet with seven new car carriers by 2025
13:47 Hanwha Ocean sales jumped 52.4 percent on-year to 7.4 trillion won in 2023
13:24 Cavotec signs two-year service agreement with APM Terminals at Port of Tanger Med
12:19 Russian grain exports exceeded 66 million tonnes worth almost $16.5 billion in 2023
11:07 Gasunie and Storag sign agreement for large-scale hydrogen storage in Germany
10:58 Dual-fuel methanol design of offshore wind turbine installation vessel from Yantai receives ABS approval
10:29 NYK places first order with Japanese shipyard for offshore wind industry crew transfer vessel

2024 February 20

18:07 Armada Technologies announces contract with CoolCo for a hull air lubrication installation
17:40 AIDA Cruises launches the largest modernization program in its fleet
17:24 ROVOP partners with Boskalis to deliver integrated subsea solutions throughout the energy industry
16:35 Port of Rotterdam total cargo throughput down 6.1% to 438.8 million tonnes in 2023
15:36 EST-Floattech secures a €4 million investment from 5 investors
15:14 South Korea strengthens export restrictions on Russia and Belarus
14:41 Glander International Bunkering and Asyad Shipping partner for AI-driven sustainable shipping solutions
14:12 Danaos adds two methanol-ready container ships to fleet
13:58 Some stranded Russian Sokol oil cargoes begin to move to China, India
13:35 HD Korea Shipbuilding wins 322.8 bln-won order for 2 ammonia carriers
12:43 RINA approves performance prediction software for wind-assisted ships
10:55 Forth Ports orders two new pilot boats