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Xeneta's XSI global shipping index decline 2.1 per cent in December

THE Xeneta Global shipping benchmark declined 2

Xeneta's XSI global shipping index decline 2.1 per cent in December

THE Xeneta Global shipping benchmark declined 2

01 January 2019 - 19:00

THE Xeneta Global shipping benchmark declined 2.1 per cent in December to 108.31 points, after posting a 1.4 per cent gain in November.

The XSI fall coincides with the traditional slowdown this time of the year and reflects declines seen on some of the major trades, said the Xeneta market intelligence report.



'Despite the fall, the index is still at a similar level (+0.1 per cent) to that recorded at the same period of last year. Year-to-date, the benchmark was 0.5 per cent lower, having failed to meaningfully reverse the downward trend since the summer,' said the report.



European imports on the XSI fell 1.1 per cent in December to 109.36 points. However, the index is still five per cent higher than the equivalent period of 2017 and remains 4.3 per cent higher than at the start of 2018.



Meanwhile, European exports on the index remained almost unchanged on the previous month, increasing 0.6 per cent to 110.07. Although the exports benchmark is 0.2 per cent lower than December last year, it is up 0.3 per cent since January.



The Far East imports on the XSI fell 3.3 per cent in December to 109.96 points, a slowdown that shows no signs of abating. Since its high of 135.43 recorded in November last year, it has fallen 18.8 per cent. Year-to-date, the benchmark is down 16.3 per cent and it is 18.4 per cent lower year on year.



Far East exports also witnessed a 4.5 per cent month-to-month decline to 116.23. The benchmark is 0.7 per cent higher year on year and up 1.3 per cent since January.



The decline on the Far East exports benchmark can be partly attributed to reduced demand from the US, as shippers front-loaded orders due to trade tariff uncertainty.



US imports declined 5.7 per cent in December to 101.60 points, thereby negating most of the 6.4 per cent increase recorded in the previous month.



The decline follows on from falls reported in the spot market, as the demand relating to shippers seeking to fulfil imports prior to further tariffs begins to wane.



US exports also declined 0.2 per cent month to month to 87.53. Although the fall was minimal, the benchmark is now down 7.1 per cent year-to-date and is 7.8 per cent lower than the same period of 2017.


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