Container trade picks up after three-month slump
30 Nov 2018 - by
Global container trade is picking up with the new Xeneta Shipping Index (XSI) Public Indices report – officially launched on Wednesday – showing an increase in the global XSI Index of 0.7%, reversing the downward rates trend seen over the last three months
“The European import market is helping drive the positive change, with the index up 1.6% year-on-year, while the export measure fell 0.1%. The United State imports XSI held firm month-on-month, while the export index climbed a significant 3.1%. The Far East has seen a slight decline of 0.1% relating to imports, while the exports XSI rose 0.4%,” explained Xeneta CEO Patrik Berglund.
In June this year Oslo-headquartered intelligence platform Xeneta, debuted the full version of the XSI index-linked contracting product. It utilises its database of over 85 million contracted freight rates to deliver a monthly snapshot of long-term rate developments in the container industry.
“It’s an exciting time in the container market, with mixed performances from the carriers and protectionist tariffs beginning to impact on trade routes,” said Berglund. There was currently a rush to fulfil shipments from the Far East to the US East Coast before new tariffs were levied in January next year, he added.
“Going forward there’s a great deal of uncertainty about the introduction of fresh measures and the impact of existing charges on trade volume,” he added.