With little sign of change ahead, this will be a challenging year for the carriers, says Xeneta in its latest update.

"Shippers, well aware of market dynamics turning in their favour, have reacted, pushing carriers for major rate reductions. What we're seeing now is the effect of that as new contracts enter validity. And, for the carriers, worse is set to come." Patrik Berglund, CEO, Xeneta.

The XSI for the U.S. imports fell 15.8% from December - the fastest m-o-m decline of the sub-index on record and the fourth month in a row in which it has declined.

The XSI for exports out of the Far East had the largest m-o-m drop, falling by 18.1 percent in January. Compared to a year ago, it is up by 41 percent.

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