PRESS RELEASE: Xeneta has shown its commitment to provide users with the world’s most comprehensive real-time overview of ocean freight rates by increasing its data coverage by 161% in the last year alone. The Oslo-headquartered benchmarking and market intelligence platform now crowd sources 45 million data points from a community of over 700 leading businesses, covering more than 160,000 port to port pairings.
The result is, according to Xeneta CEO Patrik Berglund, unparalleled insight into the constantly fluctuating ocean freight rate market.
“All parties negotiating ocean freight rates – from the companies shipping their goods to the container carriers and freight forwarders – need the very latest, most comprehensive data to get the best value for their businesses,” he notes. “The Xeneta platform is built on a foundation of real-time data straight from the marketplace, providing a clear picture of this most unpredictable segment, and informing optimal decision making.
“We’ve been adding over two million long-term and spot rates a month over the last year from globally respected shippers and forwarders to ensure even greater clarity. This data is a huge asset, providing immense value to users, and we’re committed to harvesting as much as possible to continually refine and improve our offer. With Xeneta’s move into the air freight market in Q2 we’ll soon be able to deliver an even more comprehensive picture of the global logistics rate market.”
In addition to the data collection drive, Xeneta has also unveiled a new user interface to cater for its customers’ evolving needs. Developed over the course of the last year, the new application offers a range of benefits, including: the addition of feeder rates from/to smaller European and Asian ports; the ability to directly compare, and understand the relationship between, spot and long-term markets in one graph; the addition of rates for refrigerated containers and tanks; increased data handling capability; and, amongst other things, the ability to bookmark and save pages to share insights with colleagues.
“The market is constantly evolving, and so are we,” Berglund concludes. “We have constructed the platform so it can grow seamlessly over time, embracing ever larger amounts of data and new functionality. As well as delivering insight into the ocean freight market, the software also allows us to see how users interact with it and, through additional interviews and comments, how they’d like it to adapt inline with demands.
“We’re always working to ensure the best deliverables and levels of service, and will continue enhancing our platform and data capabilities to build our proposition, understanding and the global community we serve.”
Xeneta launched from its Oslo base in 2012 and has since gone on to open offices in Hamburg and Boston, US. It now offers the world’s largest database of contracted ocean rates.
