22nd April 2021 – 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 with the launch of the Xeneta Shipping Index (XSI®) for the short-term market.
Oslo-headquartered Xeneta has been crowd sourcing rate information from leading global shippers for the last seven years. 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.
XSI® short-term effectively fills the gap left in the market by the Shanghai Container Freight Index’s (SCFI) recent move behind a paywall; a gift to the container shipping industry. 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.
One size does not fit all
Xeneta’s anonymous shipping data represents over USD 15 billion of annual ocean freight spend. It’s 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 all stakeholders up to the minute insights through an online ticker display, with daily reports diving into detail across major shipping lanes.
“The XSI® for the long-term contract segment launched in 2018 and has established itself as the go-to solution for an industry looking to make sense of market movements,” comments Xeneta CEO Patrik Berglund. “However, 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. Increased demand means an increased demand for intelligence – from all stakeholders – and, with our unique data sets, we’re perfectly positioned to deliver.”
Full picture understanding
He continues: “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. By utilising our crowd-sourced information from the world’s foremost shippers and freight forwarders we can provide the most accurate and full-picture understanding of the entire rates market. There’s a huge value in that, for the industry as a whole.”
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. Those who wish to get rate insights for other corridors, as well as real-time access, can contact Xeneta.
“The feedback we’ve received from users, industry analysts and the media is that our data is the most robust, reliable and comprehensive available,” adds Berglund. “The demand for true intelligence in this most dynamic of segments is increasing exponentially. With rates and competition at such intense levels data insights are no longer a ‘nice to have’ they’re a ‘must’ for businesses everywhere. We’re here to help. We see the XSI® as a key part of our proposition going forwards.”
Companies participating in Oslo-based 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, amongst others.