According to data from Xeneta, May saw the highest-ever monthly increase — 31 percent — in long-term ocean freight rates.

“The unprecedented rise, revealed in the latest Xeneta Shipping Index (XSI®) Public Indices for the contract market, means that long-term interest rates are now up 150.6 percent year-on-year. Costs are up 55 percent in 2022 alone.”

Patrik Berglund, CEO of Xeneta, said: "This is a staggering development. Last month we looked at an 11 percent increase and wondered how such sustained gains were possible. Now we are seeing a monthly increase of almost a third, bringing we surpassed the previous XSI." ® records out of the water. The breathtaking gains reflect the sharp increase in the average of all valid long-term contracts as the older contracts with lower rates expire and are replaced by the newer contracts with much higher rates. It is a worrying time to be a shipper, and there are bright days for the carrier community, even as the market is beginning to show signs of slowing down."

US imports on the XSI shot up more than 65 percent in May to 464.09 points, their all-time high as very few shippers still benefit from tariffs that were considered "normal" a few years ago. With the latest increase, the benchmark is now 205 percent higher than last year at this time and has zoomed by 96 percent since the end of 2021.

European imports of the XSI® continued to hit record highs after rising more than 11 percent to 379.13 points. Year-over-year, the index is now up 122 percent and is up 40 percent since December 2021.