Freightos launches ‘FIFI’ aggregated shipping rates index
For those interested in finding a snapshot of global freight pricing from week to week, it’s time to meet FIFI. Online freight marketplace Freightos has launched its Freightos International Freight Index (FIFI), a database of more than 250 million price points updated weekly, covering container pricing, price ranges on key lanes, historical pricing and volatility, and the ability to instantly estimate pricing on specific routes.1011-elevate-freightos-logo
FIFI aggregates live freight rates from “hundreds of carriers, forwarders, and shippers,” which Freightos is offering, free of charge, to promote, “data-informed decision-making.” Currently, limited data sets, manual reporting, and expensive access fees are muddying the waters. As a result, many businesses are overpaying for shipping.
“Global freight transparency starts today,” said Freightos CEO and founder Dr. Zvi Schreiber. Pro-transparency advocates such as Schreiber allege that retailers and manufacturers are overpaying on importing by up to 30 percent. “Freightos is shining a light on freight to fix that market distortion,” he said.
Freightos said that the current booking model lacks access to information about real-time market shipping prices or historical trends. Cathy Roberson, founder and head analyst of Logistics Trends and Insights, noted that, “Business is moving faster than ever and the need for transparency is great. Not only does transparency provide much needed efficiency improvements, it also allows all parties visibility across the supply chain. The benefits of transparency are endless and allow for creative ways to rethink the way business is done.”
The index is published weekly on Sundays, reporting on prices for the previous week (Sunday through Saturday). The index covers prices for standard 40-foot containers in the following trade lanes: China to the United States (overall), China to the U.S. East Coast, China to the U.S. West Coast, China to Europe, Europe to the U.S. East Coast, and the U.S. East Coast to Europe.
Those interested in learning more about airfreight in 2017, should join us at Cargo Facts Asia in Shanghai, 25 – 26 April. To register, or for more information, go to CargoFactsAsia.com