Freightos Collaborates With Eikon to Expand Index Reach for Logistics Managers

As international merchandise exports grew by nearly 40% in the last decade, businesses are increasingly tapping into rapidly changing data to fine-tune global supply chains. Analysts note that, as a consequence, they are seeing a movement towards full data transparency and access for any business, of any size.

One recent example of this was evident with the announcement that global freight indexes provided by the online freight marketplace Freightos are now available on Thomson Reuters flagship financial desktop product Eikon. 

This collaboration may result in providing users with greater insights into global freight market movements.

“Global freight pricing has been historically opaque, creating an inefficient market that hinders decision-making and wastes money,” said Zvi Schreiber, CEO of Freightos. “After honing global freight rate management, sales, and booking technology over the past five years, Freightos is delighted to leverage our data to enhance business operations for major logistics providers, importers and exporters, and carriers.”

“Thomson Reuters Eikon is trusted by financial and business professionals worldwide to provide insight into market movements,” said Leigh Henson, Global Head of Commodities at Thomson Reuters.  “Access to comprehensive international freight data such as the Freightos International Freight Index, plays a key role in delivering clarity in real-time for carriers, logistics providers, and, most importantly, beneficial cargo owners (BCOs).”

Effective immediately, Freightos International Freight Index (FIFI) data will be available within Eikon terminals, providing insights derived from Freightos’ global freight database of over one billion unique pricing points. Powered by anonymized real-time business data from global freight carriers, freight forwarders, and shippers, FIFI provides import and export prices of 40ft container prices on key shipping lanes, including China-U.S. (West Coast or East Coast), China-Europe, China-Mediterranean, Europe-US (East Coast) and Europe - South America.

Other industry insights point to the need for such an alliance. According to Freights, China-U.S. Ocean Rates Are Much Lower Than Last Year: China-U.S. West Coast ocean rates are currently tracking 24% below year-on-year, with China-US East Coast tracking 22% below. Year-on-year rates have been tracking at around this magnitude for 28 straight weeks now, on both lanes.

China-U.S. ocean rates are falling to their key Levels: On both lanes, prices are just 81% of what they were three weeks ago. China-US West Coast is now at $1,062 and China-U.S. East Coast is at $2,119.

Air freight rates are holding. There was virtually no movement in average General and Express Rates for the China-U.S., China-Europe or Europe-U.S. rates.

“Over the past three weeks, China-U.S. West Coast prices dropped $350, with $600 lost off China-U.S. East Coast prices. That’s expected as we move into off-peak season, said Schreiber.

He added in an interview that these decreases have left prices close to the dreaded $1,000 and $2,000 key levels. But, these are just “psychological” barriers.

“What will be worrying ocean carriers is how far behind last year’s prices they are, and, in fact, have been for 28 straight weeks now.”