Freightos introduces FIFI aggregated shipping rates index
Feb 28, 2017: Cloud-based freight marketplace startup Freightos on Monday launched the Freightos International Freight Index (FIFI), which freely provides week-by-week benchmark prices for ocean freight shipping on three trade lanes, according to a press release issued by the company.
From a database of over 250 million price points, FIFI includes container pricing, key lane costs, previous pricing, volatility, and instant estimations for specific routes. The index currently covers Transatlantic, China to US and China to Europe lanes, but seeks to expand to all lanes in the future.
The index seeks to provide greater transparency to freight forwarders and shippers by removing barriers in access to data and disrupting the manual reporting process, according to the press release. Such a freight-rate aggregator should freely allow up to the minute decisions on shipping.
Freightos differentiates its index as a vaster version of the SCFI, sourcing its data from global carriers on its platform and 18 ports in the U.S, China and Europe, while also emphasizing its free availability. The tool is also an additional push for industry digitization by the cloud-based freight marketplace provider.
Established logistics providers at all ends of the spectrum are entering into the cloud-based freight forwarding business as they seek to expand their services, retain business and move into new markets. In Europe, DHL is offering a new platform called CILLOX, linking shippers and carriers, while German logistics provider DB Schenker has bought into uShip, and is formulating a plan to penetrate the American market. With new platforms, shippers now have the opportunity to confirm rates for themselves and make better freight routing decisions.