December is turning out to be a great month for us. On behalf of Xeneta, I am happy to announce our entry into the air freight market. This is a major milestone for our team with a prototype already in place today. In addition, our platform is ready to accept early adopter air rates getting our data collection process off to a great start.
Due to the lack of transparency in ocean shipping rates, our message and product has resonated well for all stakeholders in the industry looking for a neutral data source to compare their rates against, monitor the market and/or report internal sourcing teams' KPIs. The ocean container market has seen the need for a fair playing ground where the availability of accurate market rate data benefits all to keep global trade flowing.
The air freight market suffers from the same volatility and uncertainty. Just like in the ocean shipping market, our customers and the market have been looking for a neutral data source for air freight. Complex supply chains need to have visibility into all parts and in many cases ocean and air make up a major portion of our target markets' logistics flow.
The current situation with cargo rates skyrocketing and uncertainty on capacity has left cargo buyers and freight forwarders in limbo, operating in the dark. With Xeneta for air freight, we will fill this void and offer full origin to destination rate data and intelligence.
It's important to mention the critical role our technology platform plays in allowing the expansion of our business into an additional mode of transport. We are in the data business, and with the 2MN+ rates we collect and process monthly, getting the back end to scale rapidly to take on the millions of data points is no easy feat. This quarter alone, we have been able to incrementally release a major update to our user interface, introduce feeder and reefer rates, as well as the capability to collect and display tanker data. Kudos to our engineering, product, UX, rate management teams' efficiency, drive and passion for pushing through and delivering solid product development.
We are already working with some of the largest NVO/freight forwarding companies to accelerate our data collection efforts. Come Q2 2018, we will be ready for the final launch of Xeneta for air freight.
Xeneta for air freight is accepting early adopters to join our beta program immediately. We welcome companies buying air cargo to contact us to learn more about our offering and how to join our data collection efforts to gain full visibility into air freight rates.
Congrats, Team Xeneta!
