The national freight index of logistics tracking firm Rivigo saw an average 4-5% increase in freight rates, during January to April period. The increase in freight prices was fuelled by increased fuel, toll, and commercial vehicle input costs. The company also plans to develop the National Freight Forum, a collaborative forum for logistics sector players, in the future. The National Freight Index (NFI) is an open-source data portal that uses a proprietary algorithm to gather data from numerous sources and provide the most accurate daily prices.
Rivigo said it has relaunched the index after more than two years to publish daily rates for container trucks, which will ensure transparency in the road freight marketplace.
The NFI, which is completely tech-driven, will serve the objective of providing easy access to daily freight prices for truck owners, transporters and other stakeholders in the logistics sector, it said.
Rivigo is optimistic about creating a platform for fleet owners and transporters, which will enable the growth of the logistics sector, said Deepak Garg, founder and CEO, Rivigo.
”Currently, we are at a stage where the growth of the economy is creating a balance between the supply and demand in the market, which will confidently lead to sustainable freight pricing and profitability for small fleet owners and road freight operations,” he said.
”By reintroducing our National Freight Index, we want to empower small freight owners, transporters, advisors, consultants, and the market at large, which relies on this data actively. Going forward, we plan to launch the National Freight Forum, a collaborative platform for stakeholders of the logistics industry,” Garg said. By introducing such platforms, Rivigo aims to uplift the industry with technology, digital tools and other services that will bring trust and transparency in the sector, he added.
