Skip to content
Container Freight Industry News | Supply Chain Industry News

Xeneta Shipping Index (XSI®) Contract Market: March 2023

The global XSI® continued its downward trend in March, though at a slower pace than in previous months, down by just 0.5% from February at 345.87 points.

Shipping Index

As March drew to a close, the global XSI® maintained its downward trajectory, albeit at a less frenzied pace than in recent times, edging down by a mere 0.5% from February to reach 345.87 points. This represents a staggering 24% drop from its pinnacle in August 2022.

According to the Xeneta Shipping Index (XSI®), the latest plunge is the least drastic of the year so far, with February having fallen by 1% and January plummeting by a whopping 13.3% on a month-on-month basis.

But don't be misled by this modest downturn, for the reason behind it is simply due to a lack of new contracts entering validity.

Xeneta's Chief Executive, Patrik Berglund, cautions that as soon as negotiations for new contracts for the US heat up in April and May, we'll see a significant slide in XSI®, signaling turbulent times ahead.

Get XSI Report


XSI® - US Imports/Exports  

The XSI® sub-index for US imports posted a 7.1% month-on-month increase, making up for the two previous months of decline. In March, this index stood at 458.37 points. The XSI® for US exports is flat from February at 179.12 points. This is the lowest reading among the sub-index, i.e., the trade that has grown the least compared to the starting point in January 2017. 

XSI® - Europe Imports/Exports  

The sub-index for European imports fell by 6.0% between February and March, landing at 324.13 points. This is the lowest level for the European imports index since March last year, but compared to then represents an 18.0% increase. Unlike European imports, the index for European exports grew in March, although only marginally. The index for European exports is up by 0.8% to 351.57 points.

XSI - Far East Imports/Exports

The index for Far East imports fell by 188.77 points in March, down by 1.5% from February. Compared to a year ago, it is up by 7% and one of the few trades which hasn’t doubled from March 2020 (+85%).  The XSI® for Far East exports registered its eighth month-on-month decline in a row. It fell to 407.17 points, down by 1.6% from February and its lowest level since April last year.

Get XSI Report

Note: Xeneta's XSI® is compiled from the latest crowd-sourced ocean freight rate data aggregated worldwide. Companies participating in the benchmarking and market analytics platform include names such as ABB, Electrolux, Continental, Unilever, Nestle, L'Oréal, Thyssenkrupp, Volvo Group and John Deere, amongst others. 

Want to learn more?

Sign up today for our upcoming monthly State of the Market Webinar to stay on top of the latest market developments and learn how changing market conditions might affect your contract negotiations.

PS: Missed the LIVE session? Sign up to get the full webinar recording.

New call-to-action

Say goodbye to freight rate uncertainty with real-time data

Every second, our platform processes 450M+ data points from the world's largest shipping companies for unmatched, real-time market intelligence.