BIFA forms freight rate benchmarking partnership with Drewry
The British International Freight Association (BIFA) has entered into a collaborative agreement with Drewry to help bring the maritime research consultancy's confidential freight rate benchmarking service to members of the trade association.
The partnership with BIFA to enable members to benchmark ocean freight rates comes shortly after the announcement of the maritime consultancy’s collaboration with EU association Clecat, where BIFA has this year become an ‘Observer’ following the UK’s exit from the EU in January.
Launched in 2019, Drewry Forwarder Benchmarking Club, is designed to meet the specific needs of freight forwarders and non-vessel operating common carriers (NVOCCs) and provides members with the opportunity to confidentially benchmark their ocean carrier buy rates against their peers. Membership to Drewry’s Forwarder Benchmarking Club is free to qualifying forwarders and NVOCCs.
Under the terms of the arrangement, BIFA will inform its more than 1,500 freight forwarder members of the benefits and encourage them to join Drewry’s freight rate benchmarking service. Drewry Forwarder Benchmarking Club follows a similar model to Drewry’s other freight cost benchmarking services, as well as operating in over 90 countries and at 300 ports and offers 4,000 worldwide port pairs with annual freight spending rates of US$8.5 billion.
BIFA Director General said: “BIFA members will gain access to Drewry’s freight rate benchmarking and forecasting consultancy team which offers the ability to identify margin opportunities between carrier buy-rates and BCO sell rates using independent benchmark data to demonstrate the competitiveness of rates with customers, prospects and gain the ability to negotiate lower rates with confidence.”
The Forwarder Benchmarking Club offers complimentary access to World Container Index, an online service providing weekly benchmarks for eight key head- and backhaul port pairs between China, the USA and Europe. There is also discretionary access to spot market container freight rate intelligence and market assessments – the Drewry Container Freight Rate Insight online service.
Keen added: “It is important that we always seek ways to bring value to our members by raising awareness of tools and services that enable them to better compete in their marketplaces. This initiative will offer BIFA members the benefit of a service that enables them to purchase, price and sell better.”
© 2019 Worldfreightrates News