Flexport
Flexport to launch Eastern Airlines’ 777 express freighter service
Rapidly growing freight forwarder Flexport said Tuesday it has signed a multiyear contract for dedicated transport with Eastern Air, a new entrant that intends to deploy light-duty 777 freighters focused on e-commerce shipments with a quick-to-market, low-cost strategy to fill a persistent gap for available airlift.
Privately held Eastern Air Holdings has purchased 35 Boeing 777 passenger jets and is retrofitting them itself by removing the seats, bins and galleys — work that is usually...
https://www.freightwaves.com/news/flexport-to-launch-eastern-airlines-777-express-freighter-service
Logistics provider Flexport orders self-flying cargo jets
Third-party logistics provider Flexport, flush with fresh investor funding, has tentatively ordered two large autonomous cargo jets with a 100-ton payload from startup aircraft manufacturer Natilus, part of a strategic effort to enhance customer service by directly controlling more transport capacity.
San Diego-based Natilus on Wednesday announced $6 billion in advance purchase commitments of more than 440 aircraft from Flexport plus Kenyan all-cargo airline Astral Aviation; Volatus Aerospace, a...
https://www.freightwaves.com/news/logistics-provider-flexport-orders-self-flying-cargo-jets
Commentary: In defense of the unicorns
Flexport’s $935 million series E this week raised eyebrows for a number of reasons: The rich $8 billion post-money valuation, or $7.065 million pre-money, meant that the digital freight forwarder was ultimately priced at 2.14 times its reported $3.3 billion 2021 revenue.
The announcement provoked an incredulous reaction from transportation industry watchers, including legacy media and competing 3PLs. Just like after other big capital raises by FreightTech startups, we heard the usual...
https://www.freightwaves.com/news/commentary-in-defense-of-the-unicorns
Glimmer of hope: Has the ship gridlock off ports finally peaked?
Port congestion — which dramatically worsened in the second half of 2021 — appears to have temporarily peaked, although it’s too soon to tell whether it’s a reprieve before the next runup, a high-level plateau, or the beginning of the end.
The number of container ships waiting for berths at the ports of Los Angeles and Long Beach fell to 84 on Monday, the lowest tally since Nov. 2, 2021, and down 23% from the all-time high of 109 on Jan. 9.
https://www.freightwaves.com/news/glimmer-of-hope-has-the-ship-gridlock-off-ports-finally-peaked
Flexport Valuation Doubles to $8 Billion in Latest Funding Round
Feb 7 (Reuters) – Flexport’s valuation more than doubled to $8 billion on Monday after a funding round led by venture capital firms Andreessen Horowitz and MSD Partners, as logistics…
https://gcaptain.com/flexport-valuation-doubles-to-8-billion-in-latest-funding-round/
Flexport winning $8B valuation with tech-enabled global logistics
Global logistics platform Flexport announced Monday it is looking to close a $935 million series E investment round by the end of the first quarter that will value the company at over $8 billion.
The round is being led by Andreessen Horowitz and MSD Partners with participation from strategic investor Shopify; existing investors DST Global, Founders Fund and SoftBank Vision Fund 1; and new investor Kevin Kwok.
“Global trade is facing historic challenges, which demand innovative approaches that...
https://www.freightwaves.com/news/flexport-winning-8b-valuation-with-tech-enabled-global-logistics
Supply chain chaos and port gridlock could drag on into 2023
The timetable for a container shipping correction keeps receding.
The first predictions for a downturn were for October 2020 after China’s Golden Week holiday. Then it was post-Lunar New Year 2021, then mid-2021, then the end of last year, then post-Lunar New Year 2022.
With Lunar New Year 2022 now underway and container freight rates, ship charter rates and port congestion still at or near all-time highs, timing sentiment is turning to 2023.
“Forecasts for a market correction have been repeatedly...
https://www.freightwaves.com/news/supply-chain-chaos-and-port-gridlock-could-drag-on-into-2023
Freight forwarders double down on air charter networks
Several global freight brokers expanded their private air networks in January to guarantee reliable transport for customers in response to high import/export demand, tight aircraft supply and severe ocean shipping delays.
The new services give customers more shipping options during a year when airfreight demand is forecast to continue growing, especially in the near term as congested airports scale back workloads and carriers cancel flights due to the rapid spread of the omicron variant....
https://www.freightwaves.com/news/freight-forwarders-double-down-on-air-charter-networks
Jan van Casteren quits Flexport – Douglas Brown, VP Asia, is flown in
Jan van Casteren (pictured), head of Flexport Europe, is to step down to spend more time with his family after nearly seven years at the helm in Amsterdam.
Flexport has announced that he will be replaced by Douglas Brown, currently VP Asia.
Mr Brown has spent more than a year leading the Asia office, following a stint as general manager, greater China. Prior to his roles at Flexport, he spent more than …
The post Jan van Casteren quits Flexport – Douglas Brown, VP Asia, is flown in appeared...
https://theloadstar.com/jan-van-casteren-quits-flexport-douglas-brown-vp-asia-is-flown-in/