Global cargo company FedEx today launched a specialised ocean freight service between India and the United States, aimed at providing a more economical option to air freight.
"FedEx Trade Networks, the freight forwarding arm of global shipping giant FedEx Corp, announced today the launch of its FedEx International Direct Priority Ocean service in India," the company said in a statement.
The service - FedEx International Direct Priority Ocean service will use premium ocean carriers for outbound cargo shipment to US for faster delivery and the facility is "now available from four India origins: Bangalore, Chennai, Delhi and Mumbai," it said.
"This launch makes us the only company offering this type of service between India and the United States, and is an integral part of our growth strategy to provide customers around the globe access to premier FedEx freight forwarding services," company's Vice President for Europe, Middle East, India and Africa, Christian Blain said.
The company also announced the opening of freight forwarding operations in Bangalore, in addition to existing offices in Chennai, Delhi and Mumbai.
There is a strong demand for solutions like this, particularly in fast-growing, emerging markets like India, said FedEx Trade Networks country Manager, India, Rajat Khosla.
While FedEx Trade Networks overall ocean volume has tripled since 2008, its FY13 International Direct Priority revenue grew 182.7 per cent over the prior fiscal year, he said.
He added that ocean freight in India showed growth of more than 12 per cent last year, and is expected to grow at compounded annual growth rate of 14.90 per cent by 2016.
Khosla said India is an important market for the company and was a focus area of its expansion plans.