Online heavyweight FreightWise to cease operations

In what remains a surprising move, despite the recent spate of dot-com failures, online transportation marketplace FreightWise is reported to be closing its doors.

With the financial backing of BNSF, General Electric and Canadian National, as well as the participation of top line motor carriers such as Schneider National and J.B. Hunt, Freighwise was thought to be one of the steadier online ventures.

The company has yet to comment on the closing but word of Freightwise ceasing operations leaked out when Jim Mathews of Corporate Technology Communications, the online marketplace’s public relations firm, sent out an e-mail advising media about the Freightwise demise.

"It was a shock to all of us who work in their PR firm. Just three weeks ago, we met with senior management and were assured the company was sound and they were in for the long … However some issues arose that kept FreightWise from continuing to operate in the manner they thought was best," Mathews wrote.

During an interview with Canadian Transportation & Logistics last fall, Freightwise officials indicated they had plans to enter the Canadian market by the middle of this year. Shortly after CN announced a strategic investment in FreightWise with plans to use the online marketplace as a sales channel for its key intermodal services.