News / Warning to shippers: don’t tear up contracts to rush into a tempting spot market

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Xeneta’s ocean shipping contract rate index jumped by 10% in June, but further big monthly increases seem unlikely as container spot rates head south and shippers have more supply options.

The increase in the freight rate benchmarking firm’s XSI crowd-sourced index followed a 30% leap in May, meaning the index now stands 170% higher than a year ago.

“After last month’s colossal rise, we see another hike of 10%, pushing cargo owners to the limits, while the carriers fill their pockets,” said ...