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100 million rate connections mark important growth milestone for CargoSphere Network
CargoSphere, the leading global rate network, has announced a major milestone ’ 100 million system to system rate connections shared on the CargoSphere Rate Network. A connection consists of an ocean or air freight rate from an offering party, such as a carrier or NVOCC (non-vessel operating ocean carrier), and a receiving party, as well as the defined rate. Established over ten years ago, the CargoSphere Rate Network is an easy-to-access, cloud-based, confidential rate network for the global shipping industry.With the CargoSphere system, global clients manage their own carrier freight contracts and aggregate large volumes of external rates from a wide-range of sources including associations, agent partners and neutral NVOs. CargoSphere recently expanded its service offerings for BCO (beneficial cargo owner) shippers and carriers. Advanced quoting tools to manage rate requests and responses are also part of the platform and have risen to 10,000 rate quotes per week.
CargoSphere allows clients to collaborate through a process of reciprocal agreement by using an invitation tool for rate networking that is similar to today’s social networking model. Users create private networks of trusted parties for secure one way or reciprocal rate sharing.
By automating inefficient rate management practices, such as the use of static files and documents, CargoSphere provides an effective way to manage the complexities of freight rates including fluctuating surcharges and GRIs (general rate increases). Electronic processing also increases data accuracy, broadens the scope of services a logistics provider offers, and boosts customer satisfaction.
‘I am pleased that the level of rate collaboration has reached this significant milestone. I believe the CargoSphere Network is currently in a phase of rapid expansion. As we continue to add new capabilities and industry segments, including ocean and air carriers and other transportation modes, we will become a broader, more robust network community,’ said Neil Barni, President, CargoSphere.
August 2012, CargoSphere established an alliance with INTTRA, the leading multi-carrier e-commerce platform for ocean shipping, integrating CargoSphere’s rate management capabilities with INTTRA’s sailing schedule and booking functionality. For the first time, the ocean shipping community has the ability to execute ocean shipment purchases in one aligned system that brings together contract rates, schedules and booking capabilities, all in one unified process.
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