Xeneta Shipping Index continued its meteoric rise with long term contracted ocean freight rates up by 16.3% over the course of November, consolidating recent gains to leave container shipping costs up 121.2% year on year. break]<br><br><br>rnXeneta Shipping Index (XSI) Public Indices for the contract market stand as the second-largest monthly rates rise on record, following a 28.1% jump in July this year, with all major shipping corridors experiencing significant growth. The extraordinary rise in rates across the major trades has been reflected in the most recent financials of carriers. <br><br>rn"With the fundamentals stacked very much in favor of the carrier community, they've never had it so good. At the same time, many shippers, unfortunately, are well and truly on the ropes," says Patrik Berglund, CEO of Xeneta.<br><br>rnCarriers are releasing their startling results for November. French giant CMA CGM posted a Q3 net profit of USD 5.6bn, with consolidated revenue climbing 89% year-on-year. Meanwhile, Cosco Shipping Holdings saw its net profit surge by a staggering 1651% over the first nine months of 2021, driven by increased volumes and higher freight rates. Revenues grew by 117.5% to USD 33.24bn. <br><br>rnIsraeli line Zim also displayed its strength with a threefold year-on-year rise in revenues and an EBITDA of USD 2.08bn (against USD 262m in Q3 2020). The improvement was facilitated by a 174% increase in average revenue per TEU. <br><br>rn"2021 will be a year to remember for carriers and one to forget, if that's possible, for the shipper community. What lies ahead is unclear, but we can see there's action planned to try and ease congestion at major U.S. ports with the Federal Maritime Commission (FMC) announcing the launch of six supply chain innovation teams – while newbuilds, potential new players and the growing trend of shippers chartering their own vessels might affect the current, stressed supply and logistics chains. " - Patrik commented. <br><br>rnU.S. imports on the XSI rocketed by 39.3% in November to 275.66 points. This is the largest monthly increase since the inception of the index, taking the benchmark to a level that is 122.4% higher than the equivalent period of 2020 and up by 125.6% since the end of last year. <br><br>rnEuropean imports on the XSI more than reversed last month's decline, increasing by 9.1% to 267.92 points. At another all-time high, the index is now 143.3% higher tha
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ttps://histerius.com/hs0921/xeneta_shipping_index.jpg" class="slikadesno" alt="Xeneta Shipping Index" title="Xeneta Shipping Index">Xeneta Shipping Index continued its meteoric rise with long term contracted ocean freight rates up by 16.3% over the course of November, consolidating recent gains to leave container shipping costs up 121.2% year on year. break]
Xeneta Shipping Index (XSI) Public Indices for the contract market stand as the second-largest monthly rates rise on record, following a 28.1% jump in July this year, with all major shipping corridors experiencing significant growth. The extraordinary rise in rates across the major trades has been reflected in the most recent financials of carriers.
"With the fundamentals stacked very much in favor of the carrier community, they've never had it so good. At the same time, many shippers, unfortunately, are well and truly on the ropes," says Patrik Berglund, CEO of Xeneta.
Carriers are releasing their startling results for November. French giant CMA CGM posted a Q3 net profit of USD 5.6bn, with consolidated revenue climbing 89% year-on-year. Meanwhile, Cosco Shipping Holdings saw its net profit surge by a staggering 1651% over the first nine months of 2021, driven by increased volumes and higher freight rates. Revenues grew by 117.5% to USD 33.24bn.
Israeli line Zim also displayed its strength with a threefold year-on-year rise in revenues and an EBITDA of USD 2.08bn (against USD 262m in Q3 2020). The improvement was facilitated by a 174% increase in average revenue per TEU.
"2021 will be a year to remember for carriers and one to forget, if that's possible, for the shipper community. What lies ahead is unclear, but we can see there's action planned to try and ease congestion at major U.S. ports with the Federal Maritime Commission (FMC) announcing the launch of six supply chain innovation teams – while newbuilds, potential new players and the growing trend of shippers chartering their own vessels might affect the current, stressed supply and logistics chains. " - Patrik commented.
U.S. imports on the XSI rocketed by 39.3% in November to 275.66 points. This is the largest monthly increase since the inception of the index, taking the benchmark to a level that is 122.4% higher than the equivalent period of 2020 and up by 125.6% since the end of last year.
European imports on the XSI more than reversed last month's decline, increasing by 9.1% to 267.92 points. At another all-time high, the index is now 143.3% higher than in Nov-20 and has appreciated by 140.8% since the end of 2020. Similarly, exports jumped by 23.7% in November to 210.01. ■