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In other recent news, Swiss WorldCargo, the air freight division of SWISS, has partnered with Freightos Limited, a leading booking and payment platform for international freight. This collaboration allows customers to digitally book Swiss WorldCargo’s services via WebCargo by Freightos, offering real-time rate comparisons and eBooking options. This development is a part of Swiss WorldCargo’s commitment to adopting digital solutions and expanding its market presence.
In another recent development, Freightos Limited has shown impressive financial performance with a 25.77% return over the past week and strong gross profit margins of nearly 64%. The company’s current valuation stands at $120.44 million, indicating solid financial health with more cash than debt on its balance sheet.
In other news, Freitas, a leader in the freight industry, reported a successful digital transformation, marked by record transaction volumes and significant growth in gross booking value. Despite reporting a negative adjusted EBITDA, the company projects sustained growth and targets profitability by 2026. However, the company is currently seeking a new CFO following Ran’s departure.
Finally, on a global scale, there has been an 11% year-on-year increase in air cargo volumes and a significant rise in air cargo rates, particularly on China-US and China-EU routes. However, the Red Sea crisis is affecting ocean freight rates, posing challenges to the industry. These are some of the recent developments impacting the freight industry.
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