Aifreight index is ready for take offTAC Index today launches airport-to-airport indices on HKG-LAX, HKG-ORD, HKG-JFK and HKG-FRA trade lanes. The system is now transitioning from early beta to beta.
The top 20 forwarders control approximately 50% of the global market. With this in mind the TAC Index is targeting data from the top 5-20 forwarders at the outset, but other forwarders are welcome to join the initiative. So far a handful of forwarders are supplying regular data.
The next phase will be to open up more country hubs and to increase the number of forwarders delivering data to our current hubs so that weekly tonnage can be published along with the $/Kg aggregated rate.
"Air Cargo is taking a step closer towards integrating with the global commodity markets," said TAC Index MD Peyton Burnett.
Asked who will buy the service, Burnett identified two logical subscriber bases: “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 airfreight Robert Frei stated that “For shippers, there are no airfreight 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; so this data is for them very valuable.”
The TAC Index is the world’s leading provider of up to the minute market freight rates to the air cargo industry. The index delivers independent price trends allowing subscribers/data providers to:
• Track market trends and directions • Benchmark against their peers • Enhance contract negotiations and financial planning • Improve access to investment and price risk management • Access regular neutral, transparent, and
independent route values
“FIS are always very excited about opportunities to provide the shipping and logistics space with meaningful ways to manage forward pricing exposure. We have followed and worked closely with TAC for a while and know they have the right protocols in place to deliver a reliable and accurate index against which financial risk management tools can be settled” says Michael Gaylard, Head of Commercial Strategy.
The TAC Indices are the premier providers of accurate, timely, and independent reference price information for Air Cargo around the world. Focused initially on the major trade lanes and based on actual transaction data. We are a neutral and impartial organization in accordance to antitrust requirements.
TAC specializes in the compilation of industry reference price data for clearly specified products, using rigorous, transparent processes and secure web-based technology. Our objective is to compile and publish reference prices (“Indices”) that are highly representative of physical spot market transaction prices for selected products. The Indices are based on price data submitted by companies active in the relevant product markets, participating in physical transactions of specified products. The approach is data driven, based on statistical analysis of pricing data.
The Indices are compiled using transparent and verifiable processes, providing market participants with confidence in their objectivity and making them suitable for financial instruments. TAC has no financial interest in the prices of the products for which it compiles Indices. All data providers are anonymous and actual transaction data remains completely confidential.
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