The global Xeneta Shipping Index (XSI) rose again in July to 435.2 points - the fifth consecutive month that the index reached a new all-time high.

The valid long-term agreements are 112 percent higher than last year at this time, according to XSI and a whopping 280 percent higher than in July 2019.

“Despite indications that we may have peaked and that prices of new deals will hold rather than suddenly jump back up, there is little consolation for shippers who are constantly ravaged by a market in overdrive and see prices stabilize at historical levels. high levels," says an official release.

“The carriers have experienced a staggering rate hike for 17 of the past 19 months, driven by factors such as strong demand, lack of equipment, congestion and Covid uncertainty,” said Patrik Berglund, CEO of Xeneta. “July has seen further gains across the board, but the signs are clear that there is a 'shift' in sentiment as some fundamentals evolve.”

Berglund adds that July's gains are the slowest since January, with upward pressure on long-term contracts easing as spot rates in key transactions fall. "In addition, volumes have fallen on many corridors, with, for example, a 3 percent drop in European container imports and a 6 percent drop in exports in the first five months of 2022."

“The tide is turning as shippers now have the upper hand in arm-turning carriers to align contracted long-term rates with rapidly declining spot rates,” said Peter Sundara Swamickannu, Head of Global Ocean Freight at a large Singapore-based cargo owner. “Anecdotal evidence indicates that shippers and freight forwarders are being approached by ocean carriers to support specific trade routes or port pairs where space has become available.”

According to the latest update from Vivek Srivastava, Senior Trade Analyst, VesselsValue, several major container ports on the east coast of the US are experiencing increased levels of congestion, but a few remain relatively clear and unburdened.

“As container lines move their services away from the US West Coast, where wait times reached once-a-generation during the global Covid-19 pandemic, the pressure on logistics on the East Coast has increased significantly. , four currently have long waiting times, namely New York and Elizabeth APM Terminals (both part of the Port of New York) and Garden City and Savannah Terminal (both Port of Savannah).

However, six of the top ten terminals continue to operate normally and show relatively short waiting times, Srivastava added. “These are Norfolk International and Virginia International Gateway Terminals (both Port of Norfolk), Maher and Port Newark Terminals (both Port of New York), Packer Avenue Terminal (Port of Philadelphia), and Wando Welch Terminal (Port of Charleston).”

"The 26 container ships being backed up include three container ships at anchor or loitering awaiting berth outside ports + 23 slow steaming or loitering outside the Safety and Air Quality Area (SAQA)," according to data from Joyce Kaplan, Office Manager, Southern California Marine Exchange.

The 26 container ships in the backup are 83 less than the record of 109 on January 9, 2022.