Xeneta Shipping Index drops 6% in November

Xeneta Shipping Index (XSI) for the contract market dropped by 5.7 percent in November. "This is the third month in a row rates have dropped but the largest month-on-month decline recorded since the launch of the XSI in 2019," says the latest update. For many carriers, the fall in XSI will trigger the fall in their average rates and will bring an end to record-breaking quarters, the update added. "Q32022 results for several large carriers showed their average rate increased from Q2 despite the collapse in the spot market. With long-term rates now firmly coming down, carriers will no longer be able to hide falling volumes behind higher rates."