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Ocean rate platform Xeneta targets air cargo

Ocean freight platform Xeneta is moving into air cargo with a rates benchmarking service, planning a full launch in the 2018 second quarter. The Norwegian data company has announced its intention to bring “fresh levels of transparency to the volatile airfreight market”. Xeneta for airfreight will soon be available to selected beta program users.

A Xeneta spokesperson said that its new product will “enable users to accurately benchmark their airfreight rates against the market, empowering unique insights, informed negotiations and enhanced decision making.” Oslo-based Xeneta describes itself as the “largest real-time and on-demand ocean freight rates benchmarking and market intelligence platform”. Xeneta, which launched in 2012, gathers global shipping data from a community of over 700 businesses, covering more than 160,000 port-to-port pairings and over 35m contracted rates.

It is a model that Xeneta believes will “fly high in the aviation segment”. Xeneta chief executive Patrik Berglund said: “There is a clear market demand for a benchmarking tool enabling the industry to get optimal value from airfreight rate negotiations. “The sector is equally, if not even more, unpredictable than that of ocean freight rates, with prices currently sky rocketing due to lack of capacity and increasing e-commerce demand, amongst other factors.”

Berglund continued: “This impacts upon bottom lines for all stakeholders – from shippers, to freight forwarders and carriers – as well as the reliability of their cargo supply chain. “This is bad news for everyone, especially those who want to ensure they get products on the shelves at peak periods, such as Christmas. “By providing greater real-time intelligence, understanding and visibility we can help the market tackle this issue head-on.”

Xeneta for airfreight is now under development at the prototype stage, with a full launch scheduled for Q2 2018. It will operate with “the same, proven crowd-sourcing data collection model as the ocean service, with similar functionality displaying the full spread of the market”. Berglund added: “This will enable users to see market average, high and low rates for spot and long-term airfreight contracts on an origin – destination basis.

“We’ll be giving users instant access to the latest airfreight rates on worldwide routes, sourced from reliable, leading global businesses. “We’re already collecting rates from our established user base, and seeking more early adopters to help expand data collection.” Xeneta is currently adding over two million contracted rates monthly for ocean shipping and is looking to more than double its overall rate density for both modes of transports collectively in 2018.

Said Berglund: “We see this as a natural move – both for our business and for existing and new customers – building on our unique proposition within the supply chain and logistics sector and delivering powerful benefits. “In a market defined by volatility, Xeneta provides the intelligence to keep users one step ahead of the competition. That’s as valuable for those ‘up in the air’ as it is for those sailing on the oceans.”

Latest updates on airfreight rates[1]

References

  1. ^ airfreight rates (www.aircargonews.net)



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