Freightos launches the Freightos International Freight Index (FIFI) of global shipping
Mar 01, 2017
Freightos, the Internet marketplace for global freight, has announced the beta launch of the Freightos International Freight Index (FIFI).
FIFI aggregates live freight rates from hundreds of carriers, forwarders, and shippers, enabling data-informed decision-making, free of charge, for businesses of all sizes. With FIFI, Freightos continues its mission of bringing transparency to one of the world's largest and most consequential industries, making global trade frictionless.
"Global freight transparency starts today," said Freightos CEO and founder Dr. Zvi Schreiber. "Our lifestyles rely on importing and exporting. But companies have been hindered by volatile, opaque shipping rates. We regularly see retailers and manufacturers overpaying on importing by up to 30%. Today, Freightos is shining a light on freight to fix that market distortion."
Current indexes are largely encumbered by limited data sets, manual reporting, and expensive access fees. As a result, many businesses are underserviced and lack critical information that enables smarter logistics choices.
Before FIFI's launch, a business owner importing textiles, for example, would book shipments with little access to information about real-time market shipping prices or historical trends. Today, that same textile business can use the Freightos International Freight Index to make informed decisions, passing on savings to the consumer.
According to Cathy Roberson, Founder and Head Analyst of Logistics Trends & Insights, "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."
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 the ability to 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 the following trade lanes: China to US (overall), China to US East Coast, China to US West Coast, China to Europe, Europe to US East Coast, and US East Coast to Europe.