Xeneta, an ocean freight rate benchmarking and market intelligence platform, is launching a product that aims to transform the way shippers, freight forwarders and carriers conduct freight rate negotiations.
The firm has created a new offering, Xeneta Shipping Index (XSI) that allows all parties to set rates at transparent, efficient and fair prices that directly follow market fluctuations. This ensures all stakeholders get the right price for their products and services, relationships are improved and complex, time-consuming negotiations become efficient.
“Freight rates are dynamic and prone to rapid change, so a shipper traditionally negotiating what they consider to be a fair rate for a long-term ocean freight contract can find that, three months later, they’re paying far in excess or below the actual market rates,” said Patrik Berglund, Xeneta CEO. “This has the very real potential to make their products uncompetitive in the marketplace or risk supply chain disruptions.
A global ocean freight index, XSI has its foundations in Xeneta’s neutral database of more than 65 million contracted rates, covering 160,000-plus port-to-port pairings crowd-sourced from more than 700 international businesses. It provides a real-time overview of the latest ocean freight rates. The index allows stakeholders in the negotiating chain to tie rates to the market, relieving them from frequent or periodic contract negotiations.
“XSI allows independent, verified and up-to-the-minute rates to be tracked over major shipping routes covering 57 corridors representing 95% of global intercontinental volumes, such as Asia-Europe, Europe-Asia, trans-Pacific, trans-Atlantic,” said Berglund. “If all parties looking to sign a contract agree to use the index, they can secure competitive rates over the long-term, building trust and reliable relationships with one another. What’s more, they can save on all the resources, guesswork and hassle associated with negotiating.”
To learn more, go to www.xeneta.com.
