XSI® Global
The Global XSI® followed last month’s slump of 9.5% with another fall of 7.8% in August, bringing it down to 169.2.
Long-term ocean freight rates continued to fall in August, marking the 12th consecutive month of declines for carriers struggling to balance weak demand with rampant overcapacity. Read on to discover which trade lanes are up against the ropes, and which appear to be punching above their weight.
The Global XSI® followed last month’s slump of 9.5% with another fall of 7.8% in August, bringing it down to 169.2. Compared to the historically high rates of ‘just’ one year ago, the index has collapsed by 62.7%, with consistent month-on-month declines. In that time, the smallest individual monthly fall was 0.1%, in December 2022, while the largest was the 27.5% drop experienced in May 2023. The Far Eastern sub-index for exports has emerged as ‘the biggest loser’, with a fall of 75% since August 2022.
Two relatively minor trades, in terms of volumes, have succeeded in bucking the downwards trend, with exports out of Southern Africa to Northern Europe and into US East Coast showing strong rates growth. Prices on the respective routes now stand 3.2% and 46.3% up year-on-year.
