GF-X EXPANDS LIST OF INVESTORS
Global Freight Exchange, the Internet start-up working to develop an online air freight marketplace for airlines and forwarders, has added three industry investors.
British Airways, Panalpina World Transport (Holding) Ltd. and SairLogistics, the holding company for Swisscargo Ltd. have agreed to invest in GF-X. They join Deutsche Post, which acquired a 10-percent stake in the London-based company. Other investors are Consolidated Press Holdings, Lufthansa Commercial Holding and Morgan Stanley Dean Witter.
Bruno Sidler, chief executive officer of Panalpina, said his company is convinced that GF-X will become the leading online platform for trading air freight capacity. “Our customers will highly benefit from substantial productivity gains achieved by both Panalpina and carriers.”
GF-X said it will begin testing its system later this month with nine airlines and eight forwarders participating. It hopes to link carrier and forwarder systems to its web site to provide a central repository for global air freight capacity, scheduling and booking information. The exchange is designed to help forwarders and airlines reduce paperwork and manage the risk of pre-selling and pre-buying capacity.
Participating airlines are American Airlines Cargo, British Airways World Cargo, Cargolux Airlines, Continental Airlines Cargo, DHL Aviation NV, Emirates SkyCargo, Japan Airlines Cargo, Korean Air Cargo and Swisscargo.
The forwarders participating are Circle International Group, Danzas AEI, Emery Worldwide, Fritz Cos., Kuehne & Nagel, MSAS Global Logistics, Panalpina and Yusen Air and Sea Service.