Zerobroker, a logistics technology firm that lets shippers eliminate fees by connecting directly with carriers without using a freight broker, has raised $6.5 million in a seed round that includes participation from Flexport, Funders Club and Streamlined Ventures, among others. It was part of the 2021 cohort of startup incubator Y Combinator.
Flexport is undergoing another reshuffle at the top, with former Amazon logistics executive Dave Clark departing, replaced at least for now by once-again CEO and founder Ryan Peterson in a shakeup pointing to a reset to the company’s core freight focus and a pullback from its aggressive growth plans. But experts wonder how Flexport will fare as freight volumes and rates fall in tandem globally.
Freight brokers help mitigate risk by confirming carrier invoices. They make sure carrier insurance is covered and routes are optimized to cut down on wasted drive time, tracking shipments from pickup to final destination. They help to resolve claims for their customers. They ensure that inconveniences are in order for international shipping. So why is “freight brokers” a dirty word? It shouldn’t be.
Ecommerce fulfillment software firm Flowspace is using generative AI and machine learning technology to streamline transportation and freight management processes, automate workflows and increase the visibility into the status of inbound and outbound shipments. FlowspaceAI for Freight uses GenAI and machine learning to read and interpret emails and determine the status of each shipment.
Freight volumes are continuing to impact the economics of logistics, with two closely-watched indices showing contraction in the market as demand for goods remain challenged ahead of Q4 restocking. Average daily spot rates from China/East Asia to the West Coast were $1,324 per 40-foot container on June 7, down from $14,000 a year ago, while the Logistics Managers Index is in contraction territory.
With Chinese New Year starting Sunday, and manufacturing and logistics operations virtually shut down there for two weeks, experts say retail inventory levels are in a good place given recent gluts and proactive restocks, but the weeks following will bear watching and might bring issues.
A freight consortium made up of J.B. Hunt, Uber Freight and Convoy is looking to create an industry standard for using application programming interface (API) connections to share data among partners in order to solve freight scheduling challenges, initially addressing full truckload (TL).
The Ocean Shipping Reform Act of 2022 is intended to promote U.S. exports and make ocean transport more competitive, efficient and economical. But a requirement that invoices list the date of container accessibility is proving to be a fly in the ointment. Bryn Heimbeck of Trade Tech Inc. explains efforts to address the inequity.
While trucker protests are no longer blocking the flow of goods at the busy Port of Oakland, port officials are still hoping a California district court judge will take action to prevent future efforts to create a logjam there as retailers gear up for the 2022 peak holiday season.
Körber Supply Chain, a unit of Hamburg-based Körber AG, is acquiring order management and freight audit assets from enVista, with the KKR-backed joint venture looking to more than double to $1 billion in revenue in 5-6 years as it pursues larger firms like Manhattan Associates and Blue Yonder.