NYFI vs Xeneta: Setting the Record Straight on Freight Benchmarks

Recently, Xeneta has been sharing a document comparing its benchmark to the NYSHEX Freight Index (NYFI).

That document contains a number of claims about NYSHEX and NYFI that are either incomplete, misleading, or incorrect.

To ensure the market has a clear and accurate understanding, NYSHEX CEO Gordon Downes recorded a short video addressing these claims directly.

For those who prefer to read, the key points are summarized below.

Watch: NYFI vs Xeneta Explained by NYSHEX CEO

NYFI vs Xeneta: Key Claims and the Reality

1. Is NYFI Influenced by Carriers? Governance Explained

Xeneta’s claim is that NYSHEX includes carriers on its board and therefore cannot be free from supplier influence.

The reality is that NYSHEX is intentionally structured to be balanced across the industry.

Its board includes:

• 2 carriers

• 2 shippers

• 2 NVOCCs / forwarders

This ensures that no single constituency can influence decisions.

In addition, board activity is overseen by the Federal Maritime Commission, providing an additional layer of transparency and compliance.

This is not supplier influence. It is structured neutrality across the ecosystem.

2. Shipped Rates vs Quoted Rates: Which Freight Benchmark Is More Accurate?

Xeneta claims that it is more trusted because it does not rely on carrier data.

The reality is that NYFI includes both carrier and forwarder data for spot indices because carriers represent a significant portion of the spot market.

Carriers often account for 20–50% of spot transactions.

Excluding that data removes a meaningful portion of actual market activity.

More importantly, NYFI is built on shipped rates.

Shipped rates represent:

• Accepted commercial agreements

• Real transactions between buyers and sellers

• Containers that were actually moved

Quoted rates, by contrast, do not need to be accepted to be included.

Accuracy depends on reflecting what actually clears in the market, not what is quoted.

3. Does NYFI Support Multiple Container Types?

Xeneta suggests that NYFI has limited flexibility in equipment types.

The reality is that NYFI offers:

• Free access to 40-foot rates

• Expanded coverage in NYFI PRO, including:
  
  

  • 20-foot containers

  • 40-foot dry

  • 40-foot high cube

In addition, the free version includes:

• Up to 12 months of historical data

• Trade and sub-trade visibility

• Rate band information

The flexibility exists and is structured across product tiers.

4. NYFI Simulator vs Excel Tools: What’s Actually Available?

Xeneta claims that the NYSHEX simulator is a basic Excel tool.

The reality is that NYSHEX offers both:

• An Excel-based simulator for financial modeling flexibility

• A platform-based simulator with:
  
  

  • Historical analysis

  • Forward-looking scenarios

  • Backtesting

  • Index comparisons

The Excel version exists to support users who prefer to work locally or avoid sharing proprietary data.

It is not a limitation. It is an option.

What Makes a Freight Index Accurate, Transparent, and Trustworthy?

Beyond individual claims, the more important question is what makes a freight benchmark fit for modern markets.

Freight volatility is structural. When contracts are index-linked or exposure is hedged, the benchmark you rely on determines whether outcomes stabilize or drift.

A reliable benchmark must meet five standards.

1. Accurate Freight Benchmark Based on Shipped Rates

NYFI is built on real shipped transactions, not surveys or indicative quotes.

This reduces basis risk and ensures settlements reflect actual market clearing prices.

2. Transparent and Free Freight Index Access

NYFI is openly available to shippers, carriers, and forwarders.

Methodology is fully published, allowing all participants to operate from the same reference point.

Transparency is not a feature. It is a requirement for trust.

3. Hedgeable Freight Index for Risk Management

NYFI is designed to support index-linked contracts and financial hedging.

It is supported by leading global financial institutions and exchanges, enabling structured risk management rather than reactive exposure.

4. Freight Market Intelligence and Benchmark Data

NYFI combines benchmark data with context, including:

• Historical depth

• Volatility measures

• Rate bands

• Sub-trade visibility

• Weekly expert commentary

This allows participants to interpret market movement, not just observe it.

5. Equitably Governed Freight Benchmark

NYFI is governed equally by shippers, carriers, and forwarders, with regulatory oversight.

This ensures structural neutrality and long-term market confidence.

NYFI vs Xeneta: Side-by-Side Freight Benchmark Comparison

NYFI vs Xeneta: Frequently Asked Questions

What is the difference between NYFI and Xeneta?

NYFI is built on shipped transaction data and designed for index-linked contracts and hedging. Xeneta primarily focuses on benchmark visibility using quoted rates.

Is NYFI more accurate than Xeneta?

NYFI reflects executed shipments rather than quotes, which provides a more accurate view of market clearing prices.

Can NYFI be used to hedge freight rates?

Yes. NYFI is designed to support both index-linked contracts and financial instruments such as futures and options.

Is NYFI free for shippers and carriers?

Yes. The core NYFI benchmark is free. Additional data and analytics are available through NYFI PRO.

Why does NYFI include carrier data?

Carriers represent a significant portion of the spot market. Including their data ensures the benchmark reflects the full market rather than a subset.

What makes a freight index trustworthy?

A trustworthy index must be:

• Accurate

• Transparent

• Representative of the market

• Governed fairly

• Suitable for financial use

Choosing the Right Freight Benchmark in Volatile Markets

Freight volatility is not going away.

The benchmark you choose determines whether that volatility is absorbed or managed.

NYFI was built to provide a transparent, accurate, and institutionally credible foundation for modern freight markets.

When the benchmark is built correctly, decisions become more defensible, outcomes more stable, and performance more predictable.

That is how industry participants deliver through volatility.

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