Freight rate marketplace SeaRates has registered a skyrocketing revenue growth of 1,759%, eighteen months after its acquisition by DP World in 2020.
Since its launch in 2005, the aim of the trade digital platform was to digitise business from easing freight bookings from any origin to any destination to providing relevant web logistics tools to support back, middle, and front office operations.
Additionally to the DP World brand, several key pandemic factors contributing to SeaRates’s success, such as e-commerce boom and economies of scale, spot-market appeal to contract rate-based clients and external exposure and commercial growth, according to an announcement.
The e-commerce sector saw a rise in retail sales from 16% to 19% in 2020, according to United Nations (UN) Trade.
“This global trend also impacted SeaRates, which essentially is an e-commerce platform to book containers from any origin to destination,” said Mike Bhaskaran, chief operating officer (COO) of DP World’s Digital Technology and Logistics.
He also explained that through the pandemic, the world has been forced to become increasingly digital to keep business flowing, and this inherently turned many traditional cargo owners to seek alternatives such as SeaRates to operate and keep trade flowing.