Oslo-headquartered Xeneta has launched Xeneta Shipping Index (XSI) for the short-term market, making ocean container freight data available for daily rates
Xeneta, which crowd sources rate information from global shippers, said shippers, freight-forwarders, liner operators and everyone within the ocean container freight value chain can now access reliable real-time intelligence of fluctuating daily rates.
The company said the new, publicly available index will deliver a “true understanding of the latest short-term pricing” on the world’s key trade corridors. An online ticker display will give users up-to-the-minute insights, with daily reports diving into detail across major shipping lanes.
XSI short-term was launched to fill the gap left in the market by the Shanghai Container Freight Index’s (SCFI) recent move behind a paywall.
Xeneta chief executive Patrick Berglund said, “In a constantly evolving rate landscape there is no one-size-fits-all approach anymore. Shippers must stay proactive to obtain optimal value, so we are seeing strategies with a greater mix of short and long-term agreements to adapt to ongoing rate fluctuations. Increased demand means an increased demand for intelligence – from all stakeholders – and, with our unique data sets, we are perfectly positioned to deliver.”
Spot rates have hit record levels in recent months driven by surges in demand, a shortage of equipment including containers in key export zones, congested ports, and lop-sided demand putting container shipping companies in a position of strength.
Mr Berglund added, “Short-term rates are a vital piece of the rates jigsaw. They not only dictate short-term activity, but they also provide indications of how the long-term market will develop, with clear ramifications for both cargo owners and the liners themselves.”
The XSI will be updated daily with a two-day lag, giving the public insights across key lanes within the Asia–Europe, Pacific and Transatlantic trade corridors. A dedicated reporting website is now available at xsi.xeneta.com, while the company’s main site will feature the new spot rates ticker.
The Xeneta platform also reports rates for several global corridors apart from the ones shown on the XSI. Mr Berglund said, “With rates and competition at such intense levels, data insights are no longer a ‘nice to have’ they are a ‘must’ for businesses everywhere. We are here to help. We see the XSI as a key part of our proposition going forwards.”
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