The Australian dollar has weakened against the US dollar, which has risen against the euro.
In the past few weeks, the Australian dollar against the British pound has appreciated slightly, while the Australian pound against the Japanese yen has fallen.
“The Australian dollar is on the downside, the Japanese currency is on a downward trend,” Ian Watson, chief executive of global shipping and logistics company Freight Trackers, told Business Insider.
Freight tracking is a service that helps ships move around the world by tracking the position of the ship and its cargo, using satellites and GPS technology.
It was founded in 2008 by Watson and his team of former military personnel.
The company now employs about 1,000 people worldwide, Watson said.
Its main source of revenue comes from international shipping.
In the past, the main source for funding for Freight Tracker was the sale of a new ship, he said.
But that business model has since been replaced by a new revenue model.
As the global economy is in a recession, Freight trackers has seen a significant decline in its funding, Watson explained.
A ship owner would have had to pay $100 million (AUD$100.4 million) to start FreightTrack, he added.
This was a very good deal for them, because it gave them control of their business and it made them profitable.
Watson said the new business model meant that a ship owner was not going to have to pay any additional fees.
What is the impact of the recent downturn?
The latest downturn in the Australian economy has also affected Freight Tracking’s profits, Watson noted.
He said the downturn affected its bottom line.
There are two main factors that have made the Australian business model less attractive, Watson added.
One is the decline in the price of crude oil, which is one of the main drivers of shipping.
The price of oil has fallen by around 20% since the start of the recession.
Secondly, there has been a slowdown in the recovery of the economy.
We were in a very strong recession for the last two years, Watson told Business Ink.
But in recent months, the recession has had a negative impact on Freight Tracks profits, he explained.
The impact of this downturn has also had a significant impact on the way in which Freighttrack operates.
We’ve been cutting costs, Watson agreed.
All of this has impacted our business, so our revenues have dropped.
Why does Freight tracking still exist?
Freight trackings has existed since the mid-1990s, Watson continued.
At the time, the idea was that Freighttracking would be able to track the movement of ships in the open ocean, and that’s what Freight tracks is able to do.
However, Watson revealed that it had lost $3 billion (AUD1.5 billion) between 1997 and 2006.
Now, the business is being disrupted by a shift in the way the economy is developing.
People in Asia are becoming increasingly concerned about their living standards and how they are being supported, Watson pointed out.
Australia is now an increasingly expensive place to live, Watson predicted.
So, the FreightTracker business is now going to be challenged by an increasingly unstable global economy.
Will the economy grow again?
Freightshipownership was a relatively new business concept in Australia, Watson emphasized.
Over the past five years, Freightshiptrack has seen an increase in revenues of around 50%.
However, it has also suffered a loss of about $1.3 billion ($1.1 billion).
In addition, the economic slowdown has affected the business.
Freight Trackrs revenues have decreased by a total of $1 billion in the past three years, according to Watson.
That has meant that the business has lost $6 million ($5 million) since 2007.
Meanwhile, FreeshipTrack has also lost more than $8 million ($8 million) in revenue, Watson reported.
And that has also taken a toll on its bottom lines.
Even though Freeshipshiptrack is profitable, it’s only a fraction of the amount it was five years ago.
Freight Tracking is a profitable business, but it is losing money, Watson indicated.
According to the company, the majority of Freighttracking’s annual revenue comes in the form of commissions.
Freightshipshiptracks annual revenues have increased by around 40% since 2007, but the number of ships that it is tracking has declined by around 30%.
Freightshippers have also seen a drop in business.
In 2007, the company had around 1,600 clients on its website, Watson wrote.
Today, it is only about 700.
Whilst Freeshippers are now able to book their ship on Frees