Chainalytics, Drewry to Form Ocean Buying Group for Shippers
- Business & Finance
Supply chain consulting company Chainalytics and shipping consultancy Drewry have partnered to launch an ocean freight procurement solution for small and medium sized shippers.
The partners said that the new solution, named Ocean Buying Group, will provide participating beneficial cargo owners (BCOs) with enhanced purchasing power, service monitoring and cost transparency.
The strategic partnership delivers a pioneering ocean freight procurement platform that will enable medium and small scale importers and exporters to collaboratively achieve “big shipper” rates and terms direct with ocean carriers and benefit from shared intelligence for better commercial decisions.
“By combining propositions we’re able to offer a unique service delivering much needed improved ocean carrier contractual terms with full transparency, cost stability and predictability, market intelligence and technology-driven category management to a segment of the market that often suffers pricing volatility and opaque service levels,” Philip Damas, head of Drewry’s logistics practice, said.
Arjun Batra, Group Managing Director at Drewry, commented that smaller retailers and manufacturers often struggle to achieve favourable rates on their international shipments. This initiative would level the playing field by providing these organisations with a collective buying solution that can deliver real purchasing power.