News / 'It’s a crazy market out there' – shipping contract rates jump by 90%

With container spot rates from Asia appearing to have reached a plateau as China begins its Golden Week holiday, the attention has turned to contract rate inflation which, according to Xeneta’s XSI index, is showing a 91% year-on-year gain.

The September edition of the Oslo-headquartered freight rate benchmarking’s Xeneta Shipping Index (XSI) for the long-term contract container market recorded a 3.2% increase in global container rates.

This followed a 2.2% uplift for the XSI in August and an “unprecedented” 28.1% jump for ...