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Ocean carriers invest in New York exchange

NEW YORK, NY: August 21, 2017. Hapag-Lloyd and CMA-CGM have joined with GE Ventures and Goldman Sachs to invest US$13 million in the New York Shipping Exchange (NYSHEX), the first digital forward freight contract exchange for global container shipping.

OOCL shipsHapag-Lloyd, CMA CGM, MOL and OOCL are currently working with the exchange that claims to provide the global shipping industry with a simplified and standardized "over-the-counter" exchange for entering enforceable freight contracts.

Compliant with all U.S. regulations as well as the Federal Maritime Commission's contract filing requirements, NYSHEX says shippers and NVOCCs can use the exchange for free once accredited. Ocean carriers pay a transaction fee of US$5.00 per TEU.

Claiming to be different from traditional long-term and spot market contracts, NYSHEX offers shippers predictable all-in rates with no surcharges as buyers pay liquidated damages for no-show containers and carriers pay for non-performance. The result, says the exchange, is shippers can receive fixed rates, enforceable contracts, accurate invoices "and a significantly more reliable supply chain" with above 99 percent reliability.

"CMA CGM welcomes the digital innovation that NYSHEX is bringing to the container shipping industry," said CMA CGM CEO Rodolphe Saadé. "Digitalization is essential to offering our customers new and differentiated products," he added.

Hapag-Lloyd CCO Thorsten Haeser said his company has invested in NYSHEX because it can help solve the challenge of unreliability and unpredictability that affects everyone in the container shipping industry "by ensuring commitments are met by both sides".

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