Business, Freight News

Online marketplace to shed light on opaque freight pricing

[ February 27, 2017   //   ]

The Freightos internet marketplace has launched the beta version of its international index which, it says will bring transpaerency to what has until now been an opaque market. The Freightos International Freight Index (FIFI) aggregates live freight rates from hundreds of carriers, forwarders, and shippers, allowing shippers to make better-informed decisions on booking freight.

Freightos founder and chief executive, Dr Zvi Schreiber, says that current indexes are largely encumbered by limited data sets, manual reporting, and expensive access fees.He adds: “We regularly see retailers and manufacturers overpaying on importing by up to 30%.” Freightos “is shining a light on freight to fix that market distortion,” he said.

Updated weekly from a database of over 250 million price points, FIFI  includes container pricing, price ranges on key lanes, historical pricing and volatility, and can instantly estimate pricing on specific routes. The index is published weekly on Sundays, reporting on prices for the previous week (Sunday through Saturday). The index covers prices for standard 40’ containers in trade lanes including China to Europe, Europe to US East Coast, US East Coast to Europe and China to US.