Oslo-based ocean freight rate benchmarking platform Xeneta, in partnership with Swiss financial index provider Compass Financial Technologies, has rolled out what it claims to be the most accurate and transparent daily container freight index available.
Branded as the Xeneta Shipping Index by Compass (XSI-C) the solution offers an EU Benchmark Regulation (EU BMR) compliant index for rolling short-term freight all kinds (FAK) rates, which are rates applicable to the shipping of all types of goods.
“The unreliability of existing indices and their lack of transparency are what motivated us to create a new data source for the containerised ocean freight market together with the Compass team,” said Xeneta CEO Patrik Berglund.
The contracted rate data reported to Xeneta by customers is said to be the source data for the XSI-C indices. This data is what the company claims will set XSI-C apart from other indices in the industry. “Many legacy indices do not reflect the large-scale trades made by some of the biggest companies in the world. They are mainly based on quoted prices, which are disproportionately indicative.”
The XSI-C will cover eight main trade corridors, measuring daily rates per 40 feu valid for less than 32 days.