FreightWaves launches World's first Freight Futures Market
The next chapter for freight is being written right here in Chattanooga.
On Making History over the last several years we have told you about several companies that are leading the way in logistics, shipping and freight.
Friday morning Chattanooga based company, Freight Waves, launched something that has never existed before.
"We're launching the worlds first freight futures market, which are tradeable contracts, futures contracts based on trucking spot prices," FreightWaves CEO Craig Fuller said.
We told you Craig Fuller and FreightWaves' story recently on Making History.
FreightWaves is a data company. It has a news operation, and as of 9AM Friday morning, the world's first Freight Futures Market.
"The success we've had over the past few yeas has been shocking to us," Fuller said.
Before the launch Craig Fuller gave a speech and said he didn't know when they would see the first trade, but they didn't have to wait long. The first trade happened roughly seventeen minutes after the launch.
With this launch FreightWaves becomes an even bigger player in the freight and shipping industry.
An industry that plays a big role in Chattanooga, and it's a huge part of the economy overall.
"Freight transportation is 12% of global GDP," Fuller said. "Consumer transportation is twice the size of that so you're talking about an industry that is 24% of GDP. We at FrieghtWaves are providing news and analytics to inform those companies about what is happening."
Former U.S. Senator Bob Corker spoke at the launch today and is an investor in FreightWaves.
Hear some of his insight on the company next week on Making History.