GoComet Freight Index
Benchmark your freight rates with market rates
Live shipping index reflecting the fluctuation of spot rates in international shipping
Most frequently asked questions
What is Freight Index?
A freight index gathers information on international shipping rates from several shipping lines, freight forwarders or shippers regularly. With the help of this data, it enables shippers benchmark freight rates for their container shipments for any given shipping lane.
In simple terms, the ocean freight rate index and air freight rate index offer visibility into the freight rates prevalent in the market at any given point in time to the interested parties. It enables freight rate benchmarking, which is one of the essential practices followed by shippers to estimate shipping rates for both air freight and container sea freight.
Freight benchmarking is the process of comparing cargo shipment cost with the real-time rates in the market for the same trade lane and similar shipments. This implies that every time a shipper negotiates rates for his international shipments, he is aware of the container freight charges paid by other shippers in the market for a similar shipment.
You can use tools such as GoComet Freight Index to benchmark rates. A freight index tool will consider your freight rate history, the carriers you have worked with in the past and compare the data to the rates prevalent in the market for concerned trade lanes and ports.
Based on the results displayed by the tool, you can then determine the best possible rates and trade lanes and make an informed decision. By leveraging an efficient international freight index tool to benchmark rates, you can ensure that you pay competitive rates for your shipments.
What is GFI (GoComet Freight Index) ?
GFI stands for GoComet Freight Index. It is a shipping freight index that helps you benchmark freight rates for major ports across the world.
How is GFI calculated?
GoComet Freight Index gathers data from over 25,000 quotes submitted on the GoComet platform every month by more than 4,000 vendors from across the world. These are actual quotes for bookings made by shippers across the globe.
The system considers the top-rated and lowest quoting vendors on each route and runs its machine learning algorithms to benchmark the container freight cost for a particular shipment. The proprietary algorithms are similar to those used by the World Container Freight Index and Shanghai Freight Index.
Is GFI based on spot rates or contract rates?
GoComet uses both spot as well as contract rates to calculate GFI.
What modes are covered in the GoComet Freight Index (GFI) ?
Currently, GFI only covers standard ocean FCL freight. We’ll be adding an index for Air Shipments in the future.
Why is the GFI public?
GoComet Freight Index (GFI) data has proved to be of immense help to our customers in benchmarking domestic container shipping rates and international shipping rates. They have been using the tool regularly, and it has enabled them to ensure that they're securing the best possible prices for all shipments and negotiating with a substantial number of vendors.
To extend this benefit to the broader community, GoComet decided to make GFI publicly available.
Why is there a GFI demarcation for 20’ and 40’ Container Loads?
There is a considerable difference between the 40 feet container’s shipping cost and 20 ft containers. The prices for 40’ containers aren’t necessarily twice that of 20’ containers. Hence to ensure clarity, it is crucial to mention the costs of the two container types separately.
Does GFI data include HAZ, Reefer & ISO containers?
Currently, GFI is not available for Haz, Reefer & ISO containers publicly. If you would like to access that information, kindly drop an email to email@example.com.
How reliable is GoComet Freight Index (GFI) data?
The GoComet freight shipping rates data is obtained real-time from the carriers and the freight forwarders on which shippers have booked their cargo, giving a precise representation of the prevailing market rates.
Is the data available for offline use?
Yes, you can download the graph or the CSV PDF to avail the data of the currently visible route.
NOTE: Whenever using the GFI data, attribution to GoComet is mandatory. When using GFI data, a link to the index is required as well.