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TAC Index is created for air cargo forwarders to be in commodity market
TAC INDEX has commenced airport-to-airport indices on Hong Kong to Los Angeles, Orlando, JFK in New York and Frankfurt, reports the American Journal of Transportation.
The index is targeting data from the top 20 freight forwarders internationally, though other forwarders are welcome to join. So far only a handful of forwarders are supplying regular data.
The next phase will be to open up more country hubs and boost the number of forwarders delivering data to enable weekly tonnage to be published along with the $/Kg aggregated rate.
According to TAC Index managing director Peyton Burnett: "Our model is split into two parts. We are looking primarily at shippers, but we will also target the financial services for structured products and exchanges."
The team behind the project, including Panalpina's former head of air freight Robert Frei, stated that "For shippers, there are no air freight benchmark rates out there in the market and the only way to find out price levels is to issue requests for tenders which are very expensive and cumbersome.
"The tenders provide only a look at the rate at any specific time and then you try to lock it in with the other party for three, six or 12 months, but it is still artificial. Our index provides weekly information.
"For the forwarders it is interesting for them to know the volatility of the rates and how their internal procurement benchmarks against the entire market."
The index is targeting data from the top 20 freight forwarders internationally, though other forwarders are welcome to join. So far only a handful of forwarders are supplying regular data.
The next phase will be to open up more country hubs and boost the number of forwarders delivering data to enable weekly tonnage to be published along with the $/Kg aggregated rate.
According to TAC Index managing director Peyton Burnett: "Our model is split into two parts. We are looking primarily at shippers, but we will also target the financial services for structured products and exchanges."
The team behind the project, including Panalpina's former head of air freight Robert Frei, stated that "For shippers, there are no air freight benchmark rates out there in the market and the only way to find out price levels is to issue requests for tenders which are very expensive and cumbersome.
"The tenders provide only a look at the rate at any specific time and then you try to lock it in with the other party for three, six or 12 months, but it is still artificial. Our index provides weekly information.
"For the forwarders it is interesting for them to know the volatility of the rates and how their internal procurement benchmarks against the entire market."
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