Overcapacity drives down long-term freight rates as they almost reach near spot market levels on some major trades. January marked the largest m-o-m decline in long-term ocean freight rates, as per the latest data from the Xeneta Shipping Index (XSI®).
Join the February State of the Ocean Freight Market webinar on Feb 22, 2023, to learn how to capitalize on the current market and ensure that you are not leaving money on the table in upcoming negotiations.
LIVE on Feb 22, 2023 | 16:00 CET / 10:00 AM EST
Note: Xeneta customers are invited to join the upcoming exclusive customer session. To learn more, please visit your 'Xeneta Customer Hub.'
Market Developments So far...
The average long-term contracted rates dropped by 13.3% in January - making it the fifth month in a row of falling prices on the index.
Contract rates are nearing spot market levels on some major trades. Xeneta analysts expect that the long-term rates will continue to fall.
Though carriers were able to protect their average long-term rates for many months despite the crash of the spot market, they've been unable to keep this up into the new year. Carriers still struggle with overcapacity amidst weak global demand and complex macroeconomic and geopolitical situations.
While no one knows how long these rates will last, shippers are aware of the power shift in the market. Shippers are relying on new tactics in upcoming contract negotiations to take advantage of the future drop in rates.
Join us for our monthly flagship webinar, where Xeneta experts will dive into pressing current events, analyze the state of the ocean freight market, and review container rate movements on the main trade corridors.
Key Webinar Takeaways:
- The biggest drop on record in the XSI® (Xeneta Shipping Index)
- What carriers will need to do capacity/blanked sailings wise to turn things around
- Downward trending volumes and expected numbers in 2023
- Spot & long-term freight rates on top trade lanes
Sign Up Now to Change the Way You Buy & Sell Ocean Freight!
Note: Xeneta customers are invited to join the upcoming exclusive customer session. To learn more, please visit your 'Xeneta Customer Hub.'
If you can't attend the live webinar, don't worry. Simply sign up, and we'll send you the recording after the webinar is completed. Please send us any questions you would like to see answered by our experts at info@xeneta.com.
