English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Ocean rate pricing club proving popular

PRESS RELEASE:

May 07, 2014: More shippers are benchmarking their container shipping costs to ensure that they secure the most favourable freight rates possible.

A fast growing number of major US, Asian and Europe-based international companies, including FMCG, industrial and chemicals multinationals and a top-three US retailer, have joined Drewry's recently launched Benchmarking Club.

The Club provides members the opportunity to benchmark their shipping costs against their peers and so aid their freight procurement processes. Member organisations provide their contract rates confidentially to Drewry and in exchange these are aggregated with other members' rates to provide benchmark contract rates based on an average of the submitted rates.

Such cost benchmarking clubs are already common in the fields of road transport, raw materials and energy costs, and are now developing in more specialised areas like ocean transport.

"Drewry's Benchmarking Club enables us to ensure that we secure competitive freight rates with carriers and identify lanes where we could possibly further lower our costs," said Scott Larson, vice president of global logistics & customs at US retailer The Bon-Ton Stores, Inc. and a member of Drewry's Benchmarking Club. "We selected Drewry's Benchmarking Club to benchmark our ocean rates with other retail industry leaders and to gain insight into container shipping market trends, forecasts and best practices through webinars provided to Club members by Drewry."

Contract rate information held by Drewry's Benchmarking Club is confidential and only available to members, who are limited to importers and exporters and exclude freight forwarders or NVOCCs. Drewry will be publishing an index of contract rates across multiple trades on a quarterly basis to improve visibility of trends (but not actual rates) in the contract market.

"Presently, there is plenty of visibility on spot rates, via Drewry's Container Freight Rate Insight and World Container Index for example, but very little on contract rates," said Philip Damas, director of Drewry Supply Chain Advisors. "Drewry's Benchmarking Club will also enable exporters and importers, for the first time, to know the seafreight cost advantage of large shippers relative to medium and small shippers," he added.

Membership of Drewry's Benchmarking Club is open to all importers and exporters, but excludes freight forwarders, NVOCCs and carriers. Membership includes four benchmarking reports a year, a single site licence to Drewry's Container Freight Rate Insight (www.drewry.co.uk/cfri), two market briefings and two best practice forums providing networking opportunities between members.

Drewry Maritime Research is the research arm of the Drewry group. Drewry also includes two advisory brands, Drewry Maritime Advisors and Drewry Supply Chain Advisors and specialist investment research brand Drewry Maritime Equity Research.

More News

Written on 24/05/2017, 21:40
edelweiss-supported-by-swiss-worldcargoZURICH: May 24, 2017. Edelweiss, the leisure travel subsidiary of Swiss International Air Lines (SWISS), has acquired a second A340-300 from its parent to...
Written on 24/05/2017, 19:10
agility-settles-criminal-case-with-u-s-governmentKUWAIT CITY: May 24, 2017. Agility is to pay a US$551.00 to settle a criminal case relating to its U.S. government food-supply contracts between 2003 and...
Written on 24/05/2017, 17:10
ek-gives-vietnam-a-liftDUBAI: May 23, 2017. Emirates SkyCargo says there's been a "near five-fold" increase in fruit exports from Vietnam to Dubai in the past year. Vietnam's...
Written on 23/05/2017, 22:42
new-box-service-links-the-americasMARSEILLE: May 23, 2017. CMA CGM has launched a weekly 'AZTECA' box service in collaboration with Hamburg Süd to link the west coasts of the United...
Written on 23/05/2017, 20:01
freightweek-news-may-22-26-2017HIXTON, UK: May 24, 2017. Project cargo and heavylift specialist ALE has purchased 2 x 6 axle units of ADDrive self-propelled trailers from Goldhofer for...
Written on 19/05/2017, 22:01
apl-makes-a-profit-for-cma-cgmMARSEILLE: May 19, 2017. CMA CGM has reported a 35.9 percent year-on-year increase in Q1 2017 revenue to US$4.62 billion. The result includes APL figures...
Written on 19/05/2017, 17:41
no-more-need-for-sia-cargoSINGAPORE: May 19, 2017. The Singapore Airlines Group (SIA) has reported a 55.2 percent drop in net profit to S$360.4 million for its 2016/17 financial...
Written on 19/05/2017, 15:01
kalitta-adds-b747-and-b737-freighter-capacityYPSILANTI, MI: May 18, 2017. Air cargo operator Kalitta Air has taken delivery of the first of two leased 747-400F factory-built freighters from GE...
Written on 18/05/2017, 20:24
air-cargo-boom-for-garudaJAKARTA: May 17, 2017. Garuda International has reported a 19.5 percent increase in Q1 2017 cargo revenue to US$56.2 million. Despite a 6.2 percent rise...
Written on 16/05/2017, 15:55
oman-air-signs-sales-agreement-with-globe-air-cargoMUSCAT: May 16, 2017. Following its participation at transport logistic last week, Oman Air Cargo has announced Globe Air Cargo, an ECS Group subsidiary,...
Written on 15/05/2017, 23:20
freightweek-news-may-15-19-2017BIRMINGHAM, UK: May 18, 2017. Emirates SkyCargo has operated a B777 freighter from Birmingham airport in the UK to Chicago as part of a new bespoke...
Written on 15/05/2017, 20:19
saudia-cargo-part-of-record-showcase-at-transport-logisticMUNICH, GERMANY, May 15, 2017: During transport logistic 2017 last week, Saudia Cargo celebrated "Saudi Nights' - an age-old Bedouin tradition "created...
Written on 11/05/2017, 19:09
klm-and-cargonaut-test-smart-data-checkerMUNICH: May 10, 2017. A new smart technology compliance checker developed by Cargonaut to detect data errors in airwaybills is proving successful,...
Written on 11/05/2017, 17:16
maersk-back-on-the-growth-curveCOPENHAGEN: A.P. Møller - Mærsk has reported a Q1 net profit of US$253 million on a five percent increase in year-on-year revenue to US$8.96...
Written on 11/05/2017, 16:21
emirates-group-optimistic-as-profit-fallDUBAI: May 11, 2017. Emirates Group has reported a net profit of US$670 million on revenue of US$25.8 billion for its 2016/2017 fiscal period – a...
Written on 10/05/2017, 19:18
dnata-buys-cold-store-airlogistixDUBAI: May 10, 2017. dnata is to acquire perishables cargo handler AirLogistix USA based at George Bush Intercontinental Airport, Houston. The company's...
Written on 10/05/2017, 17:36
more-flights-capacity-and-hub-services-from-qatar-cargoDOHA: May 10. 2017. Qatar Airways Cargo is to begin a weekly A330 freighter service to London Heathrow on June 03 this year, in addition to its London...
Written on 08/05/2017, 21:38
dhl-opens-stuttgart-rail-centerBONN: May 08, 2017. DHL Global Forwarding has opened a rail competence center in Stuttgart to coordinate its growing rail business between Germany and...
Written on 08/05/2017, 18:57
freightweek-news-from-transport-logistic MUNICH: May 12, 2017. transport logistic reported record attendance this week - over 2,100 exhibitors from 62 countries and 60,000 visitors from...
Written on 05/05/2017, 15:45
atlas-air-off-to-an-exciting-start-in-2017PURCHASE, NY: May 03, 2017. Atlas Air Worldwide Holdings (AAWH) has reported a net loss of US$752,000 on revenue of US$475.4 million for Q1 2017....

- powered by Quickchilli.com -