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Xeneta Shipping Index (XSI) for the short-term market contains over 280 million data points covering 160,000 port-to-port pairs to provide insights into rate development
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The index will give stakeholders up-to-the-minute insights through an online ticker display, with daily reports across major shipping lanes
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The XSI will be updated daily with a two-day lag, giving the public insights across key lanes within the Asia-Europe, Pacific and trans-Atlantic trade corridors
Shippers, freight forwarders, liner operators and other stakeholders within the ocean container freight value chain can now access real-time intelligence on fluctuating daily rates with the launch of the Xeneta Shipping Index (XSI) for the short-term market.
Oslo-headquartered Xeneta announced it has “now built the industry’s most trusted, neutral, rate database—containing over 280 million data points, covering 160,000 port-to-port pairs—unlocking unique insights into rate development.”
“The new, publicly available index utilizes this wealth of data to deliver true understanding of the latest short-term pricing on the world’s key trade corridors,” the ocean freight rate benchmarking and market intelligence platform said.
XSI for the short-term market “effectively fills the gap left in the market by the Shanghai Container Freight Index’s (SCFI) recent move behind a paywall,” Xeneta said. SCFI has, for many years, been the de facto source for ocean freight rates.
“However, Xeneta data commands the same industry authority as that of the SCFI with even broader coverage, with a 99% correlation in short-term rates, freely available to all industry stakeholders,” Xeneta said.
Xeneta’s anonymized shipping data represents over US$15 billion of annual ocean freight spend. Its analysis unlocks understanding of a dynamic market that—due to coronavirus, increased demand, and a shortage of equipment and capacity—has recently hit “overdrive.”
XSI for the short-term market will give up-to-the-minute insights through an online ticker display, with daily reports diving into detail across major shipping lanes.
Xeneta CEO Patrik Berglund said that in a constantly evolving rate landscape “there’s no one-size-fits-all approach anymore. Shippers must stay proactive to obtain optimal value, so we’re seeing strategies with a greater mix of short and long-term agreements to adapt to on-going rate fluctuations.”
The XSI will be updated daily with a two-day lag, giving the public insights across key lanes within the Asia-Europe, Pacific and trans-Atlantic trade corridors.
A dedicated reporting website is now available at xsi.xeneta.com while Xeneta’s main site, www.xeneta.com, will feature the new spot rates ticker. The Xeneta platform reports rates for several global corridors apart from the ones shown on the XSI.
Companies participating in Xeneta’s crowd-sourced ocean and air freight rate benchmarking and market analytics platform include names such as ABB, Electrolux, Continental, Unilever, Lenovo, Nestle, L’Oréal, Thyssenkrupp, Volvo Group and John Deere.
Photo by william william on Unsplash
