Price fixing could soon be a thing of the past in global shipping.
Freightos, the first online freight marketplace, launched its Freight Rate calculator Thursday in an effort to bring what it calls “unprecedented transparency” to the shipping sector.
With the Freight Rate calculator, users can tap into live market rates and get real-time full container load (FCL), less container load (LCL), air and door to door trucking rate estimates. According to Freightos, it’s the first time estimates for international freight rates across the globe have been available publicly.
“The global economy needs dynamic, transparent data but global shipping has been a bottleneck,” Freightos CEO and founder, Dr. Zvi Schreiber, said. “Over the past four years, Freightos has brought this opaque industry into the sunlight. Our Freight Rate Calculator brings us one step closer to our goal of transparent freight.”
Still in beta testing, the rate calculator can give retailers, exporters, distributors and wholesalers immediate freight rate estimates for whatever mode of transport and there’s even an option to book some of those rates on the Freightos Marketplace.
The calculator uses routing and pricing algorithms to calculate fees and surcharges for trucking, air and ocean shipping, calculating expected ranges for shipping along different lines for different modes. There’s also an option for getting freight rate estimates for shipping directly to Amazon fulfillment centers.
To further that level of transparency, the shipping estimates from the rate calculator can be embedded into B2B and media websites, where users can benefit from access to the latest global freight pricing.
Given the increased usage of spot quotes and rising rate volatility, Freightos said this near real time information has never been more important.
“We anticipate this will provide a leg-up to small and medium-sized businesses that can benefit from access to instantaneous and comprehensive freight estimates at real time market rates,” Schreiber said.