Xeneta Looks to Emulate Ocean Success with Move into Air Freight Rates
December 14, 2017 -- Oslo, Norway -- Xeneta, the largest real-time and on-demand ocean freight rates benchmarking and market intelligence platform, has announced its intention to bring fresh levels of transparency to the volatile air freight market with a new offering. The Xeneta for air freight product will enable users to accurately benchmark their air freight rates against the market, empowering unique insights, informed negotiations and enhanced decision making.
Xeneta, which launched from its Oslo base in 2012, has rapidly grown to become the industry’s number one ocean freight rates analytics platform. It gathers the latest global shipping data from a community of over 700 leading businesses, covering more than 160,000 port-to-port pairings and over 35 million contracted rates. This allows users to track trends and stay on top of market developments, getting the very best rates for their assets.
It’s a model Xeneta believes will fly high in the aviation segment.
“There is a clear market demand for a benchmarking tool enabling the industry to get optimal value from air freight rate negotiations,” explains Xeneta CEO Patrik Berglund.
“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. 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 air freight 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. This will enable users to see market average, high and low rates for spot and long-term air freight contracts on an origin – destination basis.
“We’ll be giving users instant access to the latest air freight rates on worldwide routes, sourced from reliable, leading global businesses,” Berglund adds. “We’re already collecting rates from our established user base, and seeking more early adopters to help expand data collection. At the moment we’re adding over two million contracted rates monthly for ocean shipping and we’ll be looking to more than double our overall rate density for both modes of transports collectively in 2018. Xeneta for air freight will soon be available to selected beta program users.
“We see this 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.”
This latest development comes in the same month as Xeneta, which also has bases in Hamburg and Boston, US, added ocean refrigerated container rates to its platform, as well as revealing a new, dedicated NVO Commercial Team, headed by Paul Mullins, formerly of INTTRA.
Xeneta is the leading ocean freight rate benchmarking and market intelligence platform transforming the shipping and logistics industry. Xeneta’s easy-to-use yet powerful reporting and analytics platform provides shippers and freight forwarders the software data they need to compare their shipping prices against the world's largest database of contracted rates – reporting live on market average and low/high movements. Xeneta’s data comprises of over 45 million contracted dry container rates and covers over 160,000 global trade routes optimizing companies’ container rates procurement. Xeneta is a privately held company and is headquartered in Oslo, Norway. To learn more, please visit www.xeneta.com.
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