GFX TO TEST ONLINE AIR FREIGHT MARKET
Global Freight Exchange, a U.K.-based Internet startup, says it will begin pilot testing in May an online market for buying and selling airline cargo capacity.
GFX, launched last year by two former McKinsey & Co. consultants, has signed up nine airlines and seven forwarders to use the system during the pilot, after which GFX hopes to begin charging clients to use the system.
The system is slated to go live in July. GFX says it is leaning towards charging forwarders and airlines subscription fees, instead of transaction fees.
More than just an auction, the company says, GFX plans to eliminate inefficiencies inherent in air freight capacity contracts and purchase agreements by giving forwarders and airlines real-time access to information on flight schedules, capacity and booking commitments.
“An online wholesale marketplace for air freight offers compelling benefits to both forwarders and carriers. These include substantial operating efficiencies, dynamic pricing and access to a broader distribution of capacity,” GFX said in a statement.