XSI® Europe
The European imports sub-index increased by 1.8% to 182.0 points, though it's down 59.3% from last year.
The sub-index for European imports rose to 182.0 points in September, a 1.8% increase from August, but a drop of 59.3% year-on-year.
With the major tendering season for European shippers approaching, this positive development will be well received by a carrier community reeling from a succession of month-on-month drops in this XSI®.
In contrast, the index for European exports fell, a 2.2% drop bringing it to 183.9 points. This is now the lowest this sub-index has been since October 2021.
The different paths for the averages of all valid long-term rates in and out of Europe reflect carrier strategies as they look to manage a market plagued by overcapacity. Carriers have chosen to focus on ensuring profitability on a small number of high volume trades, shifting capacity away from these and onto lower volume trades. In this way Far East exports into Europe drive an increase in the import index, while the smaller trades going out of the region continue to see rates fall, albeit at a slower pace than previous months.
