Freightos terminates 13 per cent of its workforce

Freightos terminates 13 per cent of its workforce amid weak market conditions

Freightos, the Israeli box booking platform listed on the NASDAQ, has axed 13 per cent of its workers in order to break even in difficult economic conditions.

According to The Times of Israel, the job cuts are part of a cost-cutting and operational efficiency strategy unveiled Tuesday to allow Freightos to attain profitability with ‘cash on hand’ and without having to raise further money, according to Freightos.

READ: Port of Antwerp-Bruges Q1 throughput drops due to economic slowdown

Freightos’ staff will be cut to 350 individuals in Israel and abroad as a result of the layoffs, the majority of which will occur outside of Israel.

As shipping rates and freight volumes decline and businesses struggle with excess inventory levels, the global economic slump has caused a downturn in freight markets.

Zvi Schreiber, CEO of Freightos, stated: “Given the persistently weak market conditions, we are refining our priorities to deliver on our plan to reach profitability with the capital already raised.”

In March 2023, the Panama Canal Authority forecasted a decline in cargo volume for the 2023 fiscal year due to a combination of geopolitical tensions and changes in shipping routes.

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