Carriers are blanking more than half of all offered capacity, in the week following Chinese Lunar New Year (Jan 30 – Feb 5). This goes for all the main trade lanes out of Far East. For the one to the US East Coast, the blanking already extends into the following week too (Feb 6 – Feb 12). Responding to declining demand – 9.4% in Nov ‘22 y-o-y, carriers cut deep – in a move to avoid spot rates from staying below cost break-even for too long – and to avoid contract rates from reaching spot rate levels faster.
In the four weeks leading up to Chinese New Year, blanked sailings announced before 6 January from Asia to the US West Coast are more than six times higher than the weeks leading up to the holiday in 2019. This number could still increase as we approach the Chinese New Year (CNY), which is being celebrated on 22 January. Carriers have already announced the blanking of 220 489 TEU, an increase from the 29 796 TEU blanked in the four weeks up to CNY in 2019. Read more
Xeneta Shipping Index Report | December 2022
XSI Contract Market Full Report
The global XSI® fell to 419.8 in December, down by just 0.1% from November. The pace of decline has slowed since November, when the XSI® fell by 5.7% month on month. This is now the fourth month in a row that long-term ocean freight rates have dipped, with spot rates dramatically fallen since early summer. Despite this negative trend, the XSI® remains 70% up year-on-year after a strong start to 2022. Read more
Webinar / Events
Customer Ocean Webinar | January 24, 2023
January '23 Freight Market Pulse
In this month’s Customer Webinar, CEO and Co-Founder, Patrik Berglund and Vice President of Customer Solutions, Michael Braun will review the year-end in full and feature Stanley Aizenstark to discuss the predicted insensity of the Q1 2023 Tender Season. Stanley will speak to record-breaking ILCC's and Carrier competition. Join us to learn how sustainability, digitization trends, market movements, and regulations impact the ocean and air freight industry! Register now
Post-Summit Blog | January 12, 2023
What's going to impact your prices in 2023?
When looking at the short-term peaks in ocean freight driven by global events, Q4 2022 saw a clear downward trend again on the spot market. The long-term market, however, didn't witness the same extreme trend in 2022. Long-term markets usually follow the spot market. However, similar to the delay in the upward trend on the long-term market (when the spot market rose), we will also witnessed a delay in the rate decline. This was mainly due to the existing long-term contracts. Read more
In the News
Xeneta in the News | January 10, 2023
Latest Ocean and Air Market Updates
According to the latest data from the Xeneta Shipping Index (XSI®), December 2022 recorded just 0.1% decline in long-term ocean freight rates, following a steep 5.7% month-on-month fall in November. However, the pace of decline is still lower than the drop in spot rates, which have been falling dramatically since last summer. As per Xeneta's ocean and air freight market outlook for 2023, we could see spot rates on some of the main trades drop below pre-pandemic levels during the first half of 2023, as demand is weakest in the first couple of quarters. Read more
Product Updates
Update to Predictive Search for Ocean Customers | January 10, 2023
Predictive Search Feature
Just a quick note to let you know that the predictive search function in the Xeneta platform has received a smart update! Now, instead of having to type three letters to get a list of suggested ports, you’ll only have to type one. The list is ordered based on global search popularity within the past 30 days. The data is updated daily, so is subject to change.
Thanks for reading!
If you have any questions, feel free to email us at info@xeneta.com or reach out to your Customer Success Manager directly.
Did you know? You can take control of how frequently you want to receive our emails by managing your preference here.
