Wednesday, November 11, 2009

Freight Exchange Posts Booming Figures

Impressive year-end for Freightex
Shipping News Feature

UK – In a year which has seen the global freight industry decimated by cut backs and closures one segment seems to be doing well. Freightex, a freight exchange which caters primarily for the UK-European backload market, has reported that it has seen a growth in turnover of 35% and profits rise by 21% this year.

Tim Phillips, CEO of Freightex, believes that the recession is one major reason for the company’s boom in trade, with both customers and haulage companies much more aware of the need to get better efficiencies to reduce costs.

“Consignors are so keen to keep costs down, they are more prepared to try something new,” he says.

“Over 70% of our volumes are on backloads, so of course we can generally be extremely competitive. We deal with spot rates, so consignors are really benefiting as UK inbound rates have continued to fall this year.

“Because of these rates, Freightex has also seen a dramatic rise in truck drivers contacting them for return loads into the UK, especially as these are still significantly higher than most outbound rates.”

The increase in trade has seen Freightex recently open a new office in Manchester, which is in addition to three others it has around England already. The company states that it currently has upwards of 500 empty trucks a day registering for extra loads and has doubled the amount of customers it has registering work with them in the last twelve months.

Phillips adds that: “We identified that what people actually want is service, so we take responsibility for transporting their goods and take the hassle out of the freight business.”