News / Carriers now 'begging for business' as volumes and rates tumble

© Clare Jackson

Xeneta’s long-term XSI shipping index fell last month for the first time since January, and is likely to drop sharply in the coming months as shippers demand cheaper new contracts and mid-term rate reductions.

The modest 1.1% decline in the XSI last month “won’t be the last”, according to Xeneta CEO Patrik Berglund, who said market fundamentals suggested that the erosion of long-term contract rates would “pick up pace as the year draws to a close”.

He explained: “In short, this means ...