Maersk Line joins New York Shipping Exchange as investor
THE New York Shipping Exchange (NYSHEX), the innovator of the first digital forward freight contract for global container shipping, says Maersk Line has joined as an investor
THE New York Shipping Exchange (NYSHEX), the innovator of the first digital forward freight contract for global container shipping, says Maersk Line has joined as an investor.This marks a significant milestone for NYSHEX which has within nine months added six of the world's top ocean liners as members.
These carriers combined account for 52 per cent of global container shipping capacity, according to Alphaliner data. Maersk Line joins Hapag Lloyd, CMA CGM, MOL, OOCL and Cosco as carrier members of the exchange.
'We are very pleased to have Maersk Line join NYSHEX as a founding member. Maersk Line has been a pioneer of many digital initiatives, and we are delighted to be working together in digitising the freight contracting process, as well as improving shipment reliability,' said NYSHEX chief executive Gordon Downes.
Said Maersk North America chief Omar Shamsie: 'The time is now to create a more collaborative environment for all participants in the ocean transportation industry.
'That is why we're excited to begin piloting NYSHEX's processes and technology in North America starting March 2018 to increase visibility and certainty for shippers which we hope will result in a better end-to-end experience for our customers,' said Mr Shamsie.
With the NYSHEX platform, Maersk Line will offer a product for customers who want to agree and control their costs upfront and receive a commitment from the carrier for the transport of their shipment. Maersk Line will begin piloting the platform in its transpacific export agriculture market (exports from US to Asia) from March 2018.
NYSHEX provides the global shipping industry with a simplified and standardised digital freight contract. NYSHEX is compliant with all US regulations as well as the Federal Maritime Commission's contract filing requirements.
Buyers of container shipping services - shippers and NVOCCs - use NYSHEX at no cost. Ocean carriers pay a transaction fee of US$5 per TEU.
The member carriers who have joined NYSHEX now represent all three major alliances: 2M, Ocean Alliance and THE Alliance.