News / Freight forwarding industry bears $500m bill for ocean rate processing

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The global freight forwarding community could be incurring as much as $500m in costs a year to receive and process carrier freight rates, according to a report by Drewry Supply Chain Advisors.

While Drewry found the biggest multinational forwarders were spending around $1m a year – mostly in labour costs to find and manage rates – and the next tier of top forwarders, around $500,000 a year, it said smaller forwarders, which account for the bulk of the spend, felt the most notable ...