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

Xeneta Shipping Index (XSI®) June 2023: Ocean freight rates plummet with nearly 50% drop amidst weak demand

Global container shipping rates continue to decline as the Xeneta Shipping Index (XSI) contract market drops for the tenth consecutive month in June 2023. Explore the implications of weak demand and the challenges faced by the industry in our latest blog post.

Xeneta Shipping Index - XSI®

The global shipping industry faces another month of declining rates, with the Xeneta Shipping Index (XSI) showing a downward trend. June marks the tenth consecutive month of declines, with the global XSI® dropping by 9.4%.

Declining Global XSI®

The global XSI® reached a 23-month low in June, falling by 21 index points and losing over half its value since December 2022. Far East exports and European exports have experienced significant declines since December, while select trade lanes have shown positive growth.

European Imports

The XSI®for European imports hit a two-year low in June, falling by 9.4%. The Taiwan to Mediterranean trade corridor saw the steepest decline, down by 65.5% since December 2022. China to North Europe and Indian West Coast & Pakistan recorded declines of over 70%.

Far East Exports

The XSI® for Far East exports fell by 13.9% in May, reaching its lowest point since May 2021. Far East imports experienced a more muted decline of 6.7% in June. The corridor from South America East Coast to China showed a slight recovery with an 11% increase.

US Imports

The US imports sub-index fell by 11% in June, reaching an 18-month low. Long-term contract rates for US imports dropped across all corridors. For the year-to-date, the XSI® for US imports is down by 56.3%.

US Exports

The XSI® for US exports dropped by 4.3% in June, mainly driven by declines in US East Coast exports to North Europe and the Mediterranean. However, comparing the first four months of 2023 to 2022, US container exports were up by 1.8%, with the US East Coast driving the growth.

The global shipping industry continues to face declining rates due to weak demand. Far East exports, European imports, and US imports have been significantly impacted. While select trade lanes show positive growth, the industry's road to recovery remains uncertain. Adapting strategies to navigate these challenging market conditions is crucial for industry stakeholders.

Get the full XSI® report here

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. 

Market transparency is a must-have

Gain crucial insights into the unpredictable container shipping market. Stay ahead of the game by accessing the intelligence and visibility necessary to adapt swiftly to shifting market conditions. Don't miss out on securing the success of your team and business.

Know instantly how your air and ocean freight rates compare against the market, justify your transportation costs, prepare for your tender period and report on your success with one powerful easy-to-use platform. Get a demo now!

Ocean Freight Air Freight market intelligence platform


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.