Xeneta Shipping Index (XSI®) Contract Market fell by 5.7% in November 2022
Xeneta’s global XSI® for the contract market dropped by 5.7% in November. This is the third month in a row rates have dropped, but the largest month-on-month decline recorded since the launch of the XSI® in 2019. For many carriers, the fall in the XSI® will trigger the fall in their average rates and will bring an end to record-breaking quarters.
https://www.xeneta.com/blog/xeneta-shipping-index-xsi-contract-market-november-2022
Q3 2022 results for several large carriers showed their average rate increased from Q2, despite the collapse in the spot market, but with long-term rates now firmly coming down, carriers will no longer be able to hide falling volumes behind higher rates. Read more in the latest Xeneta Shipping Index (XSI®) report.
“A drop in long-term rates is no surprise, but the scale of this demonstrates the challenges facing the industry at present,” states Patrik Berglund, Xeneta CEO.
85% of Xeneta Customers Anticipate a Decrease in Ocean Freight Spend in 2023, while 42% say their volumes will stay stable/consistent with 2022.
We recently had the opportunity to welcome over 300 Xeneta customers and partners during the annual Xeneta Summit held on November 9-10 in Hamburg, Germany. During the Summit, participants gained insight into factors that might affect the upcoming tender season and discussed sustainability in the shipping industry.
Our November Customer Webinar, hosted by Patrik Berglund, Xeneta CEO and Co-Founder and Michael Braun, VP of Customer Solutions at Xeneta, reviewed the Summit and revealed customer sentiment on ocean freight volumes, spend for the upcoming year and contract re-negotiation status.
With inconsistencies in the current spot market and recession predictions influencing consumer demand, shippers and carriers are adjusting their expectations to be more aligned with a challenging market.
Here are few key takeaways from our latest customer-exclusive webinar: https://www.xeneta.com/blog/ocean-freight-market-pulse-webinar-xeneta-customers-say-november-2022
More insightful stuff here: https://www.xeneta.com/blog
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