GOCARGO.COM LAUNCHES NEW CONTRACT SERVICE, SIGNS MITSUBISHI

GOCARGO.COM LAUNCHES NEW CONTRACT SERVICE, SIGNS MITSUBISHI    GoCargo.com, the online ocean freight auctions provider, said that it is launching NaviPact, an application to enable shippers and carriers to bid for and conclude long-term ocean freight contracts.
   GoCargo.com also announced on Monday that Mitsubishi Corp. will adopt its new application for the negotiation and procurement of long-term ocean freight shipping agreements.
   The NaviPact system will link Mitsubishi with its ocean carrier partners in an online environment. GoCargo.com said that the application will be “providing significant process savings for both parties.”
   NaviPact will enable Mitsubishi to submit online all necessary information regarding its cargo transportation requirements, including origins, destinations, container sizes, commodities and any other information that carriers need in order to provide accurate quotes. The system features a standardized format for carriers to respond with their rates, quotes and services on a line-item basis. It allows multiple, simultaneous users in divisions throughout the organization to participate in building a tender. Furthermore, it will enable the shipper to evaluate responses from carriers.
   The NaviPact system will be launched this Spring. It will allow shippers either to restrict access to the system with a private, invitation-only format, or to open the tender to other carriers wishing to participate. Shippers also choose one of two negotiation formats: request-for-proposal process, in which carriers do not have visibility into competitors’ prices, or “full visibility process,” in which carriers view their competitors’ prices and services but not identities.
   When GoCargo.com was launched in 1999, it provided auctions for spot shipment. The company later introduced a relatively simple application for service contracts.
   GoCargo.com’s further move towards long-term contracts follows the closure of several pure spot auction web sites for ocean shipping.
   GoCargo.com does not disclose how many TEUs of freight were transacted through its web site. However, it said that it has hosted over 11,000 auctions since its launch in 1999.