Ocean freight rate benchmarking platform Xeneta unveiled public indices delivering monthly insights on long-term ocean freight rate development.
Oslo-based ocean freight rate benchmarking and market intelligence company 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, launching today, provides a detailed overview of the busiest global trade corridors, allowing users to gauge regional developments and track trends for key markets.
In June this year Xeneta 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.
XSI Public Indices has a different proposition, as Xeneta CEO Patrik Berglund explains: “The XSI Public Indices provide an industry wide snapshot, taking the pulse of the long-term contracted market to deliver insights on the latest developments and cast light on the highly complex, fast-moving ocean freight sector.“
“The XSI Public Indices are unique as this is the first time this level of visibility into the contracted market has been made available, with the frequency of updates and breadth of rate data, has ever been made available. It offers all stakeholders from all sides the possibility to freely track the long-term market’s movements, building up a month-by-month picture of trends in the key regions of Europe, the US and the Far East, as well as global developments.”
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.