Author Name: Emma Hau – Marketing Analyst at FreightAmigo｜1/6/2022

XSI index reaches a new high.  In may there was the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%. The unprecedented hike, revealed in the latest XSI index (Xeneta Shipping Index) for the contract market, means that long-term rates are now 150.6% up year-on-year. In 2022 alone, costs have climbed by 55%.

In May, the most dramatic development was seen in US import costs.  XSI index for US imports was 464.09 points.  It jumped by 65.1% to stand 205.4% up year-on-year, as new long-term contracts (which usually run from the start of May to April) came into force. The XSI® US export benchmark showed a less pronounced, but still strong, upwards move of 9.9%.

For European long-term rates, it rosed by 11.3% on the import XSI index to 379.13 points (122% up year-on-year).  Meanwhile exports recorded their largest ever monthly jump of 27.6%, an impressive 138.3% increase on May 2021.

For Far East import and export indices both raced upwards, with the former rising by 17.4% and the latter soaring 35.4%.  The XSI index was 207.99 and it was the largest ever monthly rise for this measure.  Seen from a year-on-year perspective, the respective benchmarks stand 57.1% and 174.8% up.

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