ZURICH - Swiss WorldCargo, the air freight division of SWISS, Switzerland's leading air carrier, has entered into a collaboration with Freightos Limited (NASDAQ: CRGO), a prominent booking and payment platform for international freight. This partnership enables customers to digitally book Swiss WorldCargo's services via WebCargo by Freightos, offering real-time rate comparisons and eBooking options. According to InvestingPro data, Freightos has shown impressive momentum with a 25.77% return over the past week, while maintaining strong gross profit margins of nearly 64%. The company, currently valued at $120.44 million, demonstrates solid financial health with more cash than debt on its balance sheet.
The integration of Swiss WorldCargo's products and services on WebCargo is aimed at enhancing the digital booking experience for customers across selected markets in Europe, Asia, and the Americas. Swiss WorldCargo is known for its expertise in handling high-value, care-intensive, and temperature-sensitive shipments. The carrier boasts an extensive network covering over 170 global destinations and is recognized for its efficiency and safety, facilitated by high-quality procedures and reliable partnerships.
Swiss WorldCargo's offerings on WebCargo include SWISS General Cargo and SWISS Pharma and Healthcare, which can be paired with specialized transportation solutions like Celsius Passive for temperature-sensitive shipments and X-Presso for expedited transport.
Alain Chisari, Head of Swiss Cargo, emphasized the company's dedication to Swiss-quality service and reliability, stating that the partnership with WebCargo allows Swiss WorldCargo to enhance its digital presence and customer booking experience. Zvi Schreiber, CEO of Freightos, highlighted the significance of integrating Swiss WorldCargo into WebCargo by Freightos, marking a milestone in the digital air cargo revolution and benefiting freight forwarders with instant booking capabilities, especially for specialized shipments like pharmaceuticals.
The collaboration demonstrates Swiss WorldCargo's commitment to adopting digital solutions and expanding its market presence. The move is also in line with the company's broader environmental goals, which include reducing net carbon dioxide emissions by 50% by 2030 and achieving carbon-neutral operations by 2050. For investors interested in deeper insights, InvestingPro offers comprehensive analysis of Freightos's financial performance, including 8 additional ProTips and detailed metrics covering growth, profitability, and market position. The platform's exclusive Pro Research Report provides actionable intelligence for smarter investment decisions.
The partnership is expected to provide forwarders with improved access to Swiss WorldCargo's modular product portfolio and specialized shipping options. This announcement is based on a press release statement from the companies involved.
In other recent news, freight industry leader Freitas reported a successful digital transformation, marked by record transaction volumes and considerable growth in gross booking value. The company's strategic developments, such as acquisitions and integrations, are solidifying its place within the market. Despite reporting a negative adjusted EBITDA, the company projects signs of sustained growth and targets profitability by 2026. CEO Zvi Schreiber and CFO Ran expressed confidence in the company's scalability and cost efficiency during expansion. The company is currently seeking a new CFO following Ran's departure. In the broader market context, there has been an 11% year-on-year increase in global air cargo volumes, and a substantial rise in air cargo rates, particularly on China-US and China-EU routes. However, the Red Sea crisis is affecting ocean freight rates, presenting challenges to the industry. These are some of the recent developments impacting Freitas.
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