Welcome to the October 2020 edition of the Xeneta Shipping Index (XSI®) for the contract container market. Here is a snippet of how the long-term container market has moved in the 10th month of 2020. It may be spooky.
Given all the scary events happening in the world right now and obvious widespread international trade implications – container shipping companies are seemingly managing an impossible balancing act. The latest Xeneta Shipping Index (XSI®) Public Indices report, points to that in October leading carriers succeeded in not just protecting their all important long-term contracted rates but boosting them. October sees rates jump by 1.3% compared to September, leaving them up 1.2% year-on-year.
XSI® - Europe Imports / Exports
Imports on the European XSI ® increased by just 0.8% in Oct-20 to 110.57 points. This marks the first month-on-month increase since Jul-20. Despite the jump, the benchmark remains down 0.8% compared to the same period of 2019 and has shed 4.0% of its value since the end of the last year. Less positively, European exports declined by 1.1% in Oct-20 to 113.22. This represents the fifth consecutive monthly decline, albeit the index is still 1.5% higher than in Oct19. Compared to the end of 2019, the benchmark is down 1.0%.
XSI® - Far East Imports / Exports
Far East imports on the XSI ® declined by 3.2% this month to 93.30 marking a new all-time low for the benchmark. Year-on-year the index is down 0.6%, while since Dec-19 it has fallen by 5.4%. More positively, far exports increased by 3.5% in Oct-20 to 123.15. This represents the highest level for the index since Feb-20 when a figure of 123.31 was recorded. With the benchmark jumping month-on-month, it is now 5.0% higher than the equivalent period of 2019 and has risen by 3.8% since the end of last year.
XSI® - US Imports / Exports
US imports on the XSI ® increased by 0.5% this month to 120.62 points. Despite the rise, the index remains down 0.9% year-on-year and it has fallen by 3.5% since the end of 2019. Meanwhile, US exports increased by 0.6% in Oct-20 to 88.67 points. However, the index has been on a downward trend since the start of the year, resulting in it being down 6.3% compared to Oct-19. Year-to-date, the benchmark is 7.5% lower.
Get the full October 2020 XSI report (PDF) with all the market movement graphs here.
MEDIA: Please have a look at the press release here.