Freight Rate Transparency gains traction in Freight Forwarding – SHIFEX by Shifl
Suffern, New York
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June 06, 2022 12:00 AM Eastern Daylight Time
Digital forwarding and supply chain platform Shifl has announced the launch of SHIFEX, an Ocean Spot Freight Rate Index for container shipments which is now available on their website (https://shifl.com/index).
The recent and continuing unprecedented chaos in the freight markets has brought the dire need for transparency and visibility into actual ocean freight rates.
Shabsie Levy, CEO and Founder of Shifl, said he often found thousands of dollars of disparities between reported and actual freight rates on the market.
“In the current market condition, just about no one can afford to pay hundreds and sometimes thousands of dollars more for moving a single container,” said Levy.
SHIFEX provides live insights into ocean freight rates. It tracks and displays the average ocean spot freight rates for 40'containers (FEU) on main Transpacific routes at any given period.
Freight rate transparency and accuracy have always been touted as core business values. They improve customer engagement, build trust, and increase productivity in an industry that has been opaque.
“By leveraging our existing technology, we are helping shippers benchmark the freight rates they should be paying for their shipments and help them better plan their order placements and inventory” said Levy.
By analyzing its own data of actual bookings and shipments, Shifl was able to alert the market in advance of the drastic changes in the ocean spot freight rates across the volatile periods in 2021 and 2022.
Eli Gelbman of The New York Doll Collection a company that manufacturers and sells childrens dolls and accessories says,
"I am pleased that Shifl is launching SHIFEX. As a regular importer, we have been following Shifl's rate data in their market reports which has helped us tremendously in managing the volatility in the freight market. Having the same info now on-demand, will allow us to make better supply chain decisions, and improve efficiency in costing and in planning our orders."
More about SHIFEX
SHIFEX, the first ocean spot freight rate index by a US freight forwarder, provides live insights into ocean spot freight rates as it tracks and displays rates that are applicable on the Trans-Pacific route.
SHIFEX is based on the actual spot freight rates quoted and/or paid for moving shipments on the Trans-Pacific route and is therefore a true reflection of the prevailing market conditions in the freight forwarding spot market.
SHIFEX is offered as a free service by Shifl and covers Port to Port container spot freight rates.
SHIFEX includes all commonly applicable surcharges, —including but not limited to BAF (Bunker and/or Emergency Bunker Adjustment Factor), CAF (Currency Adjustment Factor) ISPS (International Security Port Surcharge), PCS (Port congestion surcharge).
The index provides past and current freight rates with the option of tracking rates on a 3, 5, 12 and 18 month basis from the base ports of China to both Los Angeles and New York.
In addition to freight rates, Shifl is also planning to include its highly popular vessel transit and container dwell data and add spot freight rates of other trade lanes to SHIFEX so customers can track the past and current performance of these metrics as well.
SHIFEX complements digital offerings that include Shifl.com, the digital forwarding and supply chain platform, and Shifl.capital, the cutting-edge FinTech solution designed to make business transactions easier for supply chain companies.
About Shifl
Shifl is leading the supply chain industry into the future with technology and innovation that brings a huge array of real-life benefits to its users. If you are a shipper looking to bring your business into today's digital age, be more in control, and pay less overall - Shifl is for you.
Shifl is headquartered in New York and maintains a presence in China, India, Vietnam, Malaysia, Bangladesh, Georgia, DR, and The Philippines. To learn more, visit https://shifl.com.
Contact Details
CHARLIE PESTI
Priyanka Ann Saini
+91 98332 68264
