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Rivigo registers 4 5% hike in freight rates in January April

Rivigo registers 4-5% hike in freight rates in January-April

Rivigo registers 4-5% hike in freight rates in January-April
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By PTI May 10, 2022 8:18:34 PM IST (Published)

The company said going forward it is also looking to launch the National Freight Forum, a collaborative platform for stakeholders of the logistics industry.

Tracking logistics firm Rivigo, which relaunched its National Freight Index on Tuesday, saw an average 4-5 percent increase in the freight rates during January-April this year. The upward movement in freight rates came on the back of rising input costs of fuel, toll and commercial vehicles, Rivigo said in a release.

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The company said going forward it is also looking to launch the National Freight Forum, a collaborative platform for stakeholders of the logistics industry.
The National Freight Index (NFI) is an open-source data portal based on a proprietary algorithm that collects inputs from multiple sources to give information about the most accurate daily rates, as per the release.
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.
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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.
"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.
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