Xeneta has launched Xeneta Shipping Index (XSI™), thus enhancing the product offering of the world’s leading benchmarking platform for ocean freight rates. The ocean freight indexes allows all parties to set rates at transparent, efficient and fair prices. XSI™ covers the major shipping routes representing 95 per cent of global intercontinental freight volumes.
XSI™ is a global ocean freight index with its foundations in Xeneta’s neutral database of over 65 million contracted rates, covering over 160,000 port-to-port pairings, which is crowd-sourced from more than 700 leading international businesses with power shippers like Electrolux, Nestle, Unilever, ThyssenKrupp, Tata Steel and Continental. It provides an unparalleled real-time overview of the very latest ocean freight rates. The new index allows stakeholders in the negotiating chain to tie rates to the market relieving from frequent or periodic contract negotiations.
Xeneta CEO Patrik Berglund explains: “A lot of companies are looking for an innovative approach to procure cargo hold. XSI™ goes one step further and gives forward-thinking freight procurement and supply chain professionals the power to take the next natural step and relieve their teams from negotiation cycles and instead focus on driving value and optimisation throughout the entire supply chain.”
Michael Braun, formerly head of advisory at Xeneta, will lead the newly created Customer Solutions team and, together with William Di Iseo, formerly responsible for Xeneta’s US operations, drive ahead with index-based freight purchasing with forward-thinking companies. “The index allows all contracting parties to build competitive prices in the long term and thus build trust and reliable relationships with each other,” he says.
The XSI ™ is now available and offers rate models adapted to each market situation that were previously difficult to capture for many companies. Customers of Xeneta, such as the world’s leading freight forwarder DB Schenker or the luxury furniture manufacturer Ekornes, are already successfully using this index solution.