New widget: ocean freight rates now available on Vesper, by Xeneta
Exciting news - a new widget is added to the Vesper platform in collaboration with Xeneta, the world's largest ocean and air freight rate benchmarking and market analytics platform.
The widget, named ‘Transport Prices’, can be found on your Dashboard for both the Dairy and Vegetable Oil in your prices workspace. The data shown is the Xeneta Shipping Index by Compass (XSI® - C), the container shipping industry's most transparent and trusted container rates index.
The XSI® - C Index reports rolling short-term Freight All Kind (FAK) rates valid for less than 32 days, for a 40' container, it displays daily median prices with a 2-day lag and also reports for the long-term contract market, contracts longer than 88 days via the Xeneta Shipping Index (XSI®) Contract Market.
The index delivers the most in-depth representation of the container freight market as it displays rates from major shipping routes and represents 95% of global intercontinental volumes from Asia-Europe, Europe-Asia, trans-Pacific, trans-Atlantic, and Pacific. Besides its extensive database, the index is known for its superior accuracy, as it gets updated daily.
The up-to-date rate fluctuations will allow users to incorporate real-time data into their freight rate negotiations, making the negotiations more efficient and ensuring all stakeholders will get the right price. The XSI® - C supports an index-linked contracting strategy with your supplier, relieving users from frequent or periodic contract negotiations.
As freight costs are a substantial part of your purchasing budget, including freight rates in Vesper’s information stream is an important next step in providing you with a complete view of the commodity market.