English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

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".

More News

Written on 18/01/2018, 21:36
jd-com-signs-deals-with-vietnam-and-franceBEIJING: January 15, 2018. JD.com, China's largest retailer, is to become a major shareholder in Vietnam's B2C e-commerce platform Tiki.com following the...
Written on 18/01/2018, 17:43
record-port-volume-for-south-carolinaCHARLESTON, SC: January 17, 2017. The South Carolina Ports Authority (SCPA) handled a record 2.2 million TEU in 2017, resulting in a nine percent growth...
Written on 17/01/2018, 23:18
fedex-trade-networks-to-include-ecommerce-and-specialty-logisticsMEMPHIS, January 16, 2018. FedEx Corporation is combining its specialty logistics and e-commerce solutions in a new organization under its FedEx Trade...
Written on 17/01/2018, 22:25
singapore-and-kuehne-nagel-to-invest-in-advanced-logistics-technologySINGAPORE/SCHINDELLEGI, Switzerland: January 15, 2018. Singapore sovereign investor Temasek has signed an MoU with Kuehne + Nagel to invest in early stage...
Written on 16/01/2018, 22:59
freightweek-news-update-week-03-2018LANGHORNE, PA: January 19, 2018. va-Q-tec, a provider of thermal packaging solutions for temperature controlled transportation, has opened a North...
Written on 13/01/2018, 15:10
freightweek-news-update-week-02-2018HOLZWICKEDE: Germany: January 12, 2018. The Rhenus Group has acquired Brazilian import broker Pirâmide SeaAir Comércio Exterior with offices in São...
Written on 10/01/2018, 23:01
fedex-opens-new-shanghai-hubHONG KONG, January 8, 2018. Federal Express has officially opened its 134,000 sq.mt. cargo hub at Shanghai Pudong International Airport to support 66...
Written on 10/01/2018, 22:55
dp-world-to-continue-us-1-billion-annual-investmentsDUBAI: January 08, 2018. DP World invested US$1 billion in global trade services, supply chain diversification and smart technology last year. The...
Written on 09/01/2018, 23:18
turkish-airlines-adds-to-b777-freighter-fleetSEATTLE: January 08, 2017. Turkish Airlines has ordered three more B777 freighters with a list price of approximately US$300 million each. The new order...
Written on 09/01/2018, 22:41
brussels-reports-best-traffic-in-a-decadeBRUSSELS: January 08, 2018. Brussels Airport finished 2017 with an 8.3 percent increase in air cargo traffic compared to 2016 with a total of 535,634 tons...
Written on 05/01/2018, 18:46
dunkerque-added-to-central-america-reefer-serviceCURACAO: January 04, 2018. Specialist reefer and bulk cargo carrier StreamLines has begun a new weekly service linking Central America, the Caribbean,...
Written on 04/01/2018, 22:29
swisslog-provides-automated-pharma-facility-for-kuehne-nagelBUCHS, Switzerland: January 03, 2018. Swisslog, a specialist in warehouse automation and robotics, is implementing a 'high-bay' warehouse at Möhlin in the...
Written on 03/01/2018, 23:56
block-train-helps-maersk-line-expand-in-nepalMUMBAI: January 03, 2018. Responding to a Nepalese import market that has doubled in the past five years, Maersk Line says it wants to increase its block...
Written on 02/01/2018, 18:27
freightweek-news-update-week-01-2018DOHA: January 07, 2018: Qatar Airways Cargo operated 14 B777 freighter flights to carry 1,400 tonnes of cherries from Santiago, Chile via Doha to Shanghai...
Written on 30/12/2017, 20:41
freightweek-news-update-week-52DUBAI: December 30, 2017. Emirates SkyCargo reports carrying 2.5 million tonnes of airfreight in 2017 and a 38 percent growth in pharmaceutical traffic...
Written on 18/12/2017, 17:30
freightweek-news-update-week-51AMSTERDAM: December 22, 2017. Hutchison Ports has acquired a 50 percent stake in TMA Logistics, with three locations in Amsterdam and one in Antwerp as...
Written on 15/12/2017, 22:46
tx-logistik-buys-40-bombardier-locomotivesTROISDORF, Germany: December 14, 2017. Italian rail company TX Logistik has signed a purchase and maintenance contract with Bombardier Transportation for...
Written on 15/12/2017, 21:57
turkish-airlines-signs-airport-transfer-dealISTANBUL: December 14, 2017. Turkish Airlines has signed a consulting contract with Munich Airport International (MIA) to help facilitate the transfer of...
Written on 15/12/2017, 19:59
xeneta-to-add-air-to-ocean-rate-platform-in-2018OSLO: December 14, 2017. Ocean rate platform Xeneta is adding air cargo rates to a product suite that it says will "bring fresh levels of transparency to...
Written on 15/12/2017, 17:34
cargolux-gets-the-measure-of-wind-farmsLUXEMBOURG: December 15, 2017. Cargolux and Globaltrans Internationale Logistik have delivered two wind measuring buoys for two 2.8GW capacity wind...

- powered by Quickchilli.com -