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 22/03/2017, 20:44
flying-eye-hospital-arrives-in-dohaDOHA: March 22, 2017. Qatar Airways has welcomed the arrival of the Orbis Flying Eye Hospital from the UK where the non-profit organization had earlier...
Written on 21/03/2017, 21:12
fedex-to-launch-round-the-world-from-liegeMEMPHIS, TN: March 21, 2017. Next month FedEx is to begin a B777 freighter flight from Liège, Belgium to Memphis as part of a round-the-world service...
Written on 16/03/2017, 20:20
k-n-acquires-two-pharma-logistics-companiesSCHINDELLEGI, Switzerland: March 16, 2017. Kuehne + Nagel is to acquire two specialist logistics companies in Turkey and Italy to expand its good...
Written on 15/03/2017, 17:52
panalpina-expands-circular-economy-centerDUBAI: March 15, 2017. Panalpina has officially opened its 40,000 square meter logistics manufacturing center in Dubai Logistics City, part of the bonded...
Written on 15/03/2017, 17:12
coyote-logistics-opens-in-guadalajara-mexicoCHICAGO: March 14, 2017. UPS 3PL subsidiary Coyote Logistics has opened a new office in metropolitan Guadalajara, Mexico to develop transborder truckload,...
Written on 15/03/2017, 15:20
auto-traffic-switches-from-road-to-railKIRCHHEIM/TECK, Germany: March 15, 2017. After a five-year hiatus, automobile logistics specialist Mosolf Group is re-introducing a weekly rail link...
Written on 14/03/2017, 19:47
unisys-offers-pay-for-use-air-cargo-managementLONDON: March 14, 2017. Unisys has launched 'Digistics' - described by the company as an "integrated cargo logistics solution" for carriers to streamline...
Written on 14/03/2017, 17:03
mercator-introduces-ice-in-abu-dhabiABU DHABI: March 14, 2017. IT solutions provider Mercator, majority-owned by Warburg Pincus Investments, has launched what it says is the air cargo...
Written on 14/03/2017, 15:59
unilode-wins-saudi-arabian-airlines-contractABU DHABI: March 14, 2017. Unilode, the ULD management company formerly known as CHEP, has won a major outsource contract from Saudia and Saudia Cargo to...
Written on 13/03/2017, 15:37
2016-revenue-increase-for-turkish-cargoISTANBUL: March 13, 2017. Turkish Airlines has reported a six percent rise in air cargo revenue in 2016 to US$996 million. Some US$600 million was...
Written on 10/03/2017, 21:49
nec-to-develop-visibility-platform-for-pandemic-responseTOKYO: March 09, 2017. The U.N. World Food Programme (WFP) and NEC Corporation are to develop the first supply chain visibility platform for pandemic...
Written on 10/03/2017, 20:21
airbus-helps-south-sudan-refugeesTOULOUSE: March 09, 2017. The Airbus Foundation has used an A330 test aircraft to carry 17 tonnes of aid equipment from the UK to Uganda for refugees...
Written on 09/03/2017, 22:32
the-alliance-sets-up-post-hanjin-insurance-planHAMBURG: March 09, 2017. On April 01 'THE Alliance' of Hapag- Lloyd, 'K'Line, MOL, NYK and Yang Ming, will launch 32 liner services to 75 major ports on...
Written on 09/03/2017, 16:35
another-quarter-decline-in-airline-profitsGENEVA: March 09, 2017: IATA says a drop in profits for its member airlines that began in Q3 2016 continued into the last quarter, despite margins...
Written on 09/03/2017, 14:55
hutcheson-to-operate-new-swedish-box-portSTOCKHOLM: March 08, 2017. Hutchison Ports is to operate the container terminal at Stockholm's new Norvik Port, due to open in three years. The facility,...
Written on 08/03/2017, 22:18
record-net-profit-for-deutsche-post-dhlBONN: March 08, 2017. Deutsche Post DHL (DPDHL) has reported a 71.4 percent rise in net profit of €2.64 billion on a 3.2 percent decline in revenue of...
Written on 07/03/2017, 19:49
yusen-supply-chain-uses-circular-economy-and-carbon-offsetHOOFDDORP, The Netherlands: March 07, 2017. Yusen Logistics has won a contract to manage the supply chain of diesel-engine cylinder blocks from...
Written on 06/03/2017, 16:54
universal-expansion-in-dubaiDUBAI: March 05, 2017. Universal Express, the Dubai-based wholesale courier, has appointed former FedEx veteran Brian Britnor as its new CEO as part of an...
Written on 03/03/2017, 17:17
2017-has-great-political-uncertainties-says-panalpinaBASEL: March 02, 2017. Panalpina has reported a consolidated profit of CHF80.2 million on net revenue of CHF5.19 billion for 2016, a reduction from...
Written on 02/03/2017, 20:49
amazon-no-1-purchaser-of-renewable-energySEATTLE: March 02, 2017. As the U.S. Environmental Protection Agency faces Trump budget cuts under its new climate change-denying head, Amazon has...

- powered by Quickchilli.com -