FRGT - Freight Technologies Inc.'s (NASDAQ: FRGT) Majoba Logistics Partner to Expand Carrier Capacity of Fr8Fleet Product
- Freight Technologies, a technology company developing solutions to optimize and automate the supply chain process, has developed a B2B cross-border shipping freight matching platform through its subsidiary Freight App Inc. (“Fr8App”)
- The freight matching platform, known as Fr8App, supports several solutions, including Fr8Fleet, which enables shippers to secure freight capacity over time rather than on a trip-by-trip basis
- Fr8Fleet solves multiple problems faced by carriers and shippers, and has gained traction since its release in 2022
- Most recently, Fr8App announced a partnership with Majoba Logistics, a leading transportation company in Mexico, to increase the volume of trucks available for Fr8Fleet
For a long time, the road freight industry has had a big problem: thousands of trucks driving along interstate highways and freeways are completely empty. In fact, 35% of all miles driven by truck drivers are empty, according to a 2022 study, with this eating into the carriers’ profitability and growth (https://ibn.fm/aLMuy).
The so-called ‘deadhead’ distances result from, among others, carriers lacking two committed customers, one for the outward journey and another for the return. “But, as well as needing a shipment for the return journey, they also need a truck that matches their load, with equipment such as refrigeration or...
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at http://ibn.fm/FRGT
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