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Global XSI® edges up in April amid an array of interesting market dynamics

The latest Xeneta Shipping Index (XSI®) data has revealed an array of interesting market dynamics in April.

The Global XSI® reached 154.3 points in April, an increase of 1.7% from March. In isolation this appears fairly unremarkable, but within this global XSI® are sub-indices which have shown significant increases and decreases.

For example, the XSI® for European Imports reached 171.8 points, which is up by 9.2% from March and its biggest month-on-month increase since June 2022. However, the XSI® sub-indices for US Imports fell by 9.4% in April to 150.6 points.

And, while April’s Global XSI® figure represents a slight month-on-month uptick, it is still down by 50.1% compared to April 2023.

XSI global graph Apr 24


Reaching 171.8 points in April, this is the highest the XSI® for European Imports has been so far in 2024 but is still below the 176.2 in December 2023.

The higher rates in April compared to Q1 can to some extent be explained by higher surcharges.

From the Far East to the Mediterranean, one of the most important trades feeding into the European Imports XSI® the average for all valid long term contracts is up by 8.7% in the second half of April compared to the second half of March.

However, breaking down the all-in cost shows the base rate on this trade has only declined by 2.2%, whereas average surcharges have increased by 38.7%.

The XSI® for European Exports posted an 11.2% month-on-month drop to leave it at 141.2 points in April.


The XSI® for US Imports fell by 9.4% in April to 150.6 points. This is down 67% compared to April last year when it stood at 451.5 points.

Many US shippers run one-year contracts from 1 May to 30 April, meaning there is likely to be further movement on this XSI® sub-index in the next month. However, we should not expect to see declines as severe as 12 months ago when the US Imports XSI® plummeted by 41% between April and May.

The XSI® for US Exports increased in April, up by 7.1% from March to 133.8 points. This follows several months of falling or flat month-on-month changes.

Far East

The XSI® for Far East Exports increased by 5.6% in April. This follows the 13% increase in February and sees the index stand at a seven-month high of 160.1 points.

However, despite this month-on-month increase, this index less than half the level it was in April 2023.

The index for Far East imports registered its third consecutive month-on-month increase in April, rising by 6.9% to 124.8 points.

After briefly dropping below the 100 points mark in January, the situation in the Red Sea has driven rates up.

Click here for expert insight on the latest XSI® data by Emily Stausbøll, Xeneta Senior Analyst.

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