Freightos

The global logistics industry has faced significant disruption since the onset of the COVID-19 pandemic, with inflationary pressures, trade pattern shifts, and elevated logistics costs. Ocean freight prices, particularly China-West Coast US rates, have seen a downward trend, reaching pre-pandemic levels. The volumes of imported containers to the US saw a decline through November 2022, and congestion at key ports like LA/Long Beach significantly eased. However, the rates for shipping a 40-ft container from Asia to the US West Coast have dropped by over 80% since the end of April 2022, and prices to the East Coast have fallen by almost two-thirds. This decline in logistics costs is primarily due to a reduction in consumer spending, which has impacted sales among many importers over the last two years. Furthermore, labor disputes and contract negotiations among port worker unions have added to the complexities of the situation.

Code&Quill, a Texas-based company that produces creative notebooks, faced a significant challenge in managing their freight logistics. After a successful Kickstarter campaign, the company had to ship goods to nearly 1,200 backers. However, the freight industry's outdated practices were not conducive to the needs of a small, fast-growing business like Code&Quill. The company's logistics manager, Dan Otto, found himself waiting up to 48 hours for a single freight quote, and the lack of transparency and efficiency in the process was hindering the company's growth. The team needed a solution that would streamline their shipping process, cut costs, and save time, allowing them to focus on their core business.