Xeneta, the leading global real-time and on-demand ocean freight rates benchmarking and market intelligence platform, has been named a Cool Vendor in Supply Chain Execution 2018 by acclaimed technology research firm Gartner, Inc. The Norwegian headquartered business, which also has offices in New York and Hamburg, was singled out for its ability to give users real-time, personalised market insight, unlocking value for ocean freight rate negotiations.

The Gartner report elevated Xeneta to Cool Vendor status due to its commitment to ensuring users have access to the latest rate information by constantly updating benchmarks, rather than doing so weekly or monthly like other services. In addition, the firm’s software platform applies a real-time aggregation of data against market rates to present individual customers with a personalized view of their potential savings opportunities.                                                

Xeneta’s success in building a community of key global shippers who provide their freight rate information was also referenced in Gartner’s report. The platform now boasts a database of over 55 million contracted rates, crowd-sourced from more than 700 leading international businesses, with insights covering 160,000 port to port pairings.

Speaking of the research findings, Xeneta CEO Patrik Berglund, notes: “Our success is judged by the growth of the platform and the value we can deliver for our users’ businesses. However, it goes without saying that we’re delighted to be identified as a ‘cool vendor’ by an organization of Gartner’s prestige and expertise.

“Since opening our doors in 2012 we’ve been focused on building a global community and the world’s largest neutral database of ocean freight rates. This allows us to provide unique market intelligence into the ever-changing world of the liner shipping industry. We’ve come a long way and offer a service that is now unparalleled. What sets us apart is our rich customer base comprised of some of the world’s leading large-volume BCOs filling our database with an abundance of long-term contracted rates.  

“It’s our ambition to grow both the community and the amount of data we receive to create a truly comprehensive picture of the very latest rates on ocean and air cargo transport. In doing so we can take the guesswork out of freight rate negotiations and ensure that users, whether they be shippers, carriers or forwarders, get the prices that are right for their businesses.”

As proof of this growth drive, Xeneta has increased its data coverage by over 150% in the space of the last year alone. It is currently adding new data points at the rate of over 2 million per month.