In the container shipping industry, one significant pain point for independent freight forwarders is the accessibility of real-time container data. To better comprehend the challenges faced by companies in this sector, Container xChange conducted a comprehensive survey involving over 250 participants, including container traders, freight forwarders, and NVOCCs. The results revealed that a significant majority (57%) of the respondents spent more than two hours searching for real-time data on container prices and leasing rates. Additionally, 44% of the shipping and container trading companies reported that they research and analyze the acquired data on a daily basis, which adds to the manual workload of industry professionals.
In this blog, we aim to introduce you to Container xChange‘s new platform- xChange Insights and how it can help independent freight forwarders like you make better decisions when it comes to ocean freight shipping. By granting access to real-time data and automating the entire process, Insights intends to alleviate the burden on industry professionals, streamlining their operations and decision-making.
Conventional methods of learning market trends in ocean freight shipping
The above-mentioned poll conducted by Container xChange uncovered that many companies continue to utilize the tedious methods of phone calls, WhatsApp messaging, and email correspondence with their partners and suppliers. Getting the latest container price and SOC leasing rate trends requires one to contact several partners and suppliers. This task is extensive and immensely time-consuming. Additionally, 57% of respondents invest more than 2 hours to do so: 40 hours per month are spent on unveiling current market values.
Dr. Johannes Schlingmeier, co-founder, and CEO of Container xChange highlighted the existing challenge faced by many container logistics players in analyzing real-time price and leasing rates due to the slow adoption of technology in the market. Recognizing the potential of technology to revolutionize supply chain processes, he emphasized the importance of leveraging big data for more informed decision-making. In his words, “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 the experience and offline knowledge with the latest facts when making decisions.”
xChange Insights: An ideal solution for independent freight forwarders
In a bid to enhance efficiency and promote transparency within the market, Container xChange has introduced a data-driven tool, called xChange Insights. This innovative tool gathers information from Container xChange’s container trading and leasing marketplaces, leading sellers and suppliers, as well as shipping lines, and provides users with daily updated price data for 130 cities. By utilizing this tool, freight forwarding companies can streamline their operations and save significant time, as exemplified in the following scenario:
For example, with the recent surge in US container prices, numerous companies are seeking alternative options to procure containers at a lower cost. One such approach involves purchasing containers from locations outside of the country and then relocating them to their desired destination. Moreover, by leveraging data-driven tools like xChange Insights, freight forwarders can efficiently identify cost-effective opportunities and potentially save up to 40 working hours in the process.
With xChange Insights, logistics companies gain the valuable ability to access and compare real-time container prices and SOC leasing rates in over 130 locations worldwide. The platform empowers users to explore price developments over a span of up to two years, offering them the necessary data to make informed decisions. Whether it’s determining the opportune moment to purchase, sell, or lease containers or identifying the most profitable cities for trading and leasing deals, xChange Insights provides essential insights. Moreover, the platform keeps users updated with the latest trends, relevant news, and essential guidance on key markets, ensuring that logistics professionals stay well-informed and equipped to optimize their operations.
How the accessibility of container data will empower the logistics companies
Dr. Schlingmeier emphasizes that the primary goal of their initiative is to tackle the transparency issue in the container logistics market and offer unbiased market data. To achieve this, they collect and analyze data from diverse sources, including Container xChange marketplaces, container sellers, and shipping lines. This valuable information is then presented to their customers in a comprehensive and user-friendly format, enabling everyone to gain deeper insights into container pricing volatility and dependencies, leading to more informed conclusions.
Moreover, the future plan includes the integration of additional data types and sources, further bolstering their support to clients in developing their businesses and making well-informed decisions. By leveraging Insights, companies can access valuable information about current container market prices and potential earnings from one-way leasing movements. Thanks to xChange Insights, the forwarders will be able to easily analyze data, learn container prices, identify the best cities to allocate them and maximize their profits.
For example, a global container trading company headquartered in Uruguay, South America, experienced remarkable success in creating market opportunities by leveraging xChange Insights for their business. They have expressed their satisfaction with the platform, stating, “xChange Insights has been instrumental in enabling us to venture into the European trading market with confidence. We rely on Insights daily to monitor container prices and assess supply availability throughout Europe!”
Conqueror members can now access xChange Insights for free
Did you know that 57% of companies spend over 2 hours a day trying to learn accurate market prices?
You may already know of our partner, Container xChange, who provides a marketplace to lease and trade containers and a data platform showing container fluctuation prices. Thanks to this partnership, now you can access xChange Insights platform for FREE as a benefit to your membership.
Use xChange Insights to:
- Learn the current market price for containers in 40 countries,
- Identify the best cities to allocate them, and
- Maximize your profits.
Hit this link and sign up for free!