FreightWaves SONAR Benchmarking

By seamlessly integrating with FreightWaves SONAR, Keelvar significantly enhances bid sheets, empowering North American buying organizations to source Full Truckload (FTL) more efficiently. This integration supports both spot quotes and long-term procurement events by delivering crucial benchmarks and lane scores for FTL, enhancing strategic sourcing decisions.

Data in scope

The FreightWaves SONAR integration enables users to incorporate detailed FreightWaves SONAR data into their sourcing events. This feature provides access to valuable benchmarks and lane scores for FTL, which are displayed in dedicated columns within the bid sheets. By utilizing these insights, users can evaluate bid competitiveness, make informed decisions, and improve supplier negotiations. 

There are three benchmark options available:

1. FreightWaves SONAR TRAC Spot Rates

   • Provides daily updated spot rates for Key Market Area (KMA) to KMA lanes

   • Offers detailed rate information based on equipment types, modes, and aggregation methods

   • Requires Origin-Destination pairs defined with market airport codes

2. FreightWaves SONAR Contract Rates

   • Provides weekly updated contract rates

   • Offers detailed rate information based on equipment types, modes, and aggregation methods

   • Requires Origin-Destination pairs defined with the first three characters of zip codes (Zip3)

3. FreightWaves SONAR Lane Scores

   • Provides daily updated lane scores measuring capacity balance for KMA to KMA lanes

   • Lower scores for outbound-heavy lanes, higher scores for inbound-heavy lanes

   • Scores averaged over the specified date range, with the option for single-point scores

If a Zip5 value is provided (5 digits), the system will automatically parse the first 3 digits when making request.

Connecting the FreightWaves SONAR benchmark with Keelvar

The integration can be enabled in the Keelvar platform under Account Settings by entering the authentication key provided by FreightWaves SONAR.

1. To access your Account settings, click on your email address at the top right of the screen, and then select Account settings
2. Select the Integrations tab
3. Click the Connect button
4. Enter your Authentication key in the pop-up modal

Once enabled by the Organization owner, the integration is available to all users within the organization.

Adjusting your integration key

To edit your Integration Key:

1. Select Edit
2. Enter the adjusted Authentication key
3. Click Save changes

To disconnect your Integration Key:

1. Select Disconnect
2. Confirm by selecting Disconnect on the confirmation modal

Configuring the integration column

You will need to add the relevant benchmarking columns in your sourcing event.

The benchmarking rates are provided based on the origin and destination port codes and the equipment type. You will need to define which columns of your bid sheet contain the information needed to import the data. The benchmark rates will be displayed in integration columns within the bid sheet, allowing for easy comparison and analysis.

You can add multiple benchmark columns for each container size or benchmark type you wish to include in your bid sheet. Once the integration is set up, you can import data by selecting the option to either update only empty cells or overwrite all cells in the bid sheet.

The benchmark rates will only be provided in USD. If necessary, you can handle the currency conversion using the currency conversion features in Keelvar.

Figure 2. Configuring an integration column

Configure the integration column

Configure the parameters

Important to know

• Current SO customers with an active FreightWaves SONAR license. A unique API key from FreightWaves SONAR for accessing benchmark data is required. Each request (API call) will target a specific lane and equipment type combination, requiring customers to manage their request allowances accordingly. They can talk to their CSM or Sales Director if they need a request package.
• Each request counts towards an allowance. Only requests that result in a benchmark being returned will count toward a user's allowance. No benchmark available means no charge. The system will automatically de-duplicate requests when different columns can be populated by one request. 
• Not at this stage. We can invite them to share feedback with their CSM
• The number of API calls is tracked, and charges are based on the number of successful data retrievals. Each call corresponds to the number of lanes multiplied by the number of rate columns.
• The integration has internal parameters to use regional rates or expand the search criteria (e.g., from three-month to six-month contracts) to ensure data availability. When no benchmark is available, this means no charge/use of allowance too.
• An API call is a request made by one application to another to retrieve data. In this context, it refers to the requests made by Keelvar to FreightWaves SONAR to fetch ocean freight rate data.
• (1 Origin + 1 Destination + 1 Equipment Type + Feed) = 1 API Call. See API documentation for further information.
• Typically depends on the number or lots in the bid sheet and number of distinct container types per lot
• API calls are measured based on the number of lanes multiplied by the number of columns in your bid sheet. The number of requests is tracked for each import, and some columns can be included in a single request, while others, like short-term and long-term rates, require separate requests.
• No, you are only charged for successful data retrievals. If no data is available for a request, it should not count towards your usage.
• It's like our own usage allowances at Keelvar - you're allowed over your limit, but you will be charged for a higher limit on the next billing cycle.
• The rate limiting for our API is based on API Key and is considered a soft limit. Users should not expect to encounter HTTP 429 errors (Too Many Requests). While we monitor API usage and have established reasonable thresholds, there is no automated blocking of access based on predefined limits.