Freightos Collaborates With Eikon to Expand Index Reach for Logistics Managers
This collaboration may result in providing users with greater insights into global freight market movements
Logistics in the NewsLogisticians, carriers fret over U.S. economy’s future U.S.-bound shipments trend down in June, reports Panjiva Rules of Origin Really Do Rule U.S. rail carload and intermodal volumes dip for week ending July 6, says AAR A. Duie Pyle opens up Maine-based integrated logistics center More Logistics News
Logistics ResourceRules of Origin Really Do Rule Inputs Make the Outputs: How Rules of Origin Really Do Rule
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.”
About the AuthorPatrick Burnson, Executive Editor Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
2019 State of Logistics: Third-party logistics (3PL) providers 2019 State of Logistics: Air cargo View More From this Issue