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.