What is RateFriend?
RateFriend is a one of a kind Freight Market Index that provides global rate information for Road, Air, Ocean, Rail, and Intermodal transport.
What is a Freight Market Index?
A Freight Market Index measures the average rates charged / paid to move goods and materials between two or more points via a given mode of transport (e.g. truckload, less-than-truckload, etc.) Freight Market Indices are important sources of information for investors, government agencies, trade associations, and others as key indicators of economic health and growth potential. For logistics industry professionals, they are an invaluable resource for evaluating rates at the lane level.
How is RateFriend different from other freight market indices?
RateFriend is the only global, omni-modal freight market index, providing up-to-date rate data for Road, Air, Ocean, Rail, and Intermodal transport. Unlike other market indices, RateFriend is updated every day. Index rates are based on current conditions, not weeks-old information.
What information does RateFriend provide?
RateFriend displays the current market rate average and range (high / low), and eight-week rate trend, by lane, mode, and equipment type.
Where does this information come from?
Index rates are based on aggregate results for loads processed with MercuryGate’s Transportation Management System (TMS)
What can I use RateFriend for?
- Compare contract rates and current spot-market rates before tendering loads
- Benchmark lane rates when negotiating new contracts
- Compare carrier rates with rates paid by shippers when preparing bids
- Set more accurate rate targets
- Make decisions more quickly and avoid analysis paralysis
What modes does RateFriend support?
RateFriend is the only omni-modal freight index. Market rates are available for Truckload, Less-than-Truckload, Air, Ocean, Rail, and Intermodal transport
What equipment types does RateFriend support?
RateFriend is an omni-modal rate index, giving users access to market information on the widest variety of equipment. In addition to standard truckload equipment types (dry van, flatbed, reefer, bulk, etc.), RateFriend also supports equipment types that apply to other modes of transport.
How often is the index updated?
RateFriend is updated nightly, with data on over 120,000 new loads added to the index every 24 hours.
How do I access RateFriend?
RateFriend is accessed via the TMS. Rate data for any load can be viewed at the click of a button while viewing a load.
Is RateFriend available to all TMS customers?
Yes, RateFriend is available to all TMS customers, whether they are on ezClick platform or if they are using the “List” screens.
How does RateFriend work for customers who are using “List” screens?
Firstly, you can get back RateFriend index values for spot and contract rates on your execution loads, using the “Call Value Service” dynamic ruleset, which is configured by a code table. This call adds the results to the loads as load references, which you can include in any load list screen report.
Secondly,there is access to RateFriend in the MercuryEdge application, no matter whether you are ezClick or list screen. You can add RateFriend lane data to any shipment or load report, producing new columns of data, and then do your usual nifty Edge analysis on that data. Or you can open a RateFriend window in MercuryEdge and run a lane query that way.