Xeneta Shipping Index drops 13%, sharpest MoM drop

The global Xeneta Shipping Index (XSI) posted its biggest ever month-on-month drop on record in January 2023 when it fell 13.3% from December, down to 364.15 points, making it the fifth month in a row of falling prices. "With little sign of change ahead, this will be a challenging year for the carriers," says the latest update from Xeneta. "Global demand has fallen away, congestion has eased, equipment is available, and the macro-economic and geopolitical situations are, to say the least, complex," says Patrik Berglund, CEO, Xeneta. "As a result of those market fundamentals, spot prices have collapsed, spiralling downwards since late summer 2022. However, the carriers have managed to protect long-term rates from the worst impacts until now."