Container xChange launches Insights for data-driven decisions
Poll of over 250 market participants found that 57% spent over two hours finding real-time data
Photo by frank mckenna on Unsplash
Container xChange, an online container logistics platform, has launched xChange Insights, a first-of-its-kind data-based solution for container traders, freight forwarders, shippers and Non-Vessel Operating Common Carrier (NVOCCs) globally.
"The addition to the company's product suite brings container market transparency by providing global container intelligence to support container logistics companies make smart trading and leasing decisions," says an official release.
Container xChange polled over 250 container traders, freight forwarders and NVOCCs and found that more than half (57 percent) of those surveyed spent over two hours finding real-time data on container prices and leasing rates. "The poll also found that 44 percent of the shipping and container trading companies research and then analyse the procured data daily. This increases the manual workload on the professionals in the industry. Insights will solve this problem by giving access to real-time data and automating the process."
Johannes Schlingmeier, co-founder and CEO, Container xChange says: "Real-time price and leasing rates analysis is a challenge for many container logistics players due to the market's slow adoption of technology. With technology penetrating deeper into the supply chain processes, it is time that we use big data for better decision-making. Most freight forwarders and container traders rely on their own experience or advice coming from established partnerships when judging business opportunities or exploring a new market. We simplify the access to data so industry participants can complement experience and offline knowledge with the latest facts when making decisions."
xChange Insights enables logistics companies to see and compare current container prices and shipper owned container (SOC) leasing rates in 130 locations around the globe, learn about price development for up to two years and make data-informed decisions, the release added.
The next step, according to Natalia Kazankova, Senior Product Marketing Manager, Container xChange, would be predictions of rates. "While we are working towards that, we don't have a time frame for it."
Schlingmeier says: "To address the container logistics market transparency issue and provide objective market data, we collect and analyse data from various sources: Container xChange marketplaces, container sellers and shipping lines. This information is then shared with our customers in an aggregated and convenient manner so that everyone can better understand the container pricing volatility and dependencies and derive better conclusions. We also plan to integrate even more data types and sources to further support our clients in developing their businesses."