Maersk Line joins New York Shipping Exchange - innovator of the first digital freight contract
Maersk Line has joined the New York Shipping Exchange (NYSEX) – the innovator of the first digital forward freight contract for global container shipping – as a founding member.
It means that after less than nine months, it has added six of the world’s leading ocean carriers as members.
Maersk Line joins Hapag Lloyd, CMA CGM, MOL, OOCL, and COSCO as carrier members of the exchange, representing a combined 52% of the global capacity (source: Alphaliner).
NYSHEX provides the global shipping industry with a simplified and standardized digital freight contract, and is compliant with all U.S. regulations as well as the Federal Maritime Commission's contract filing requirements.
“We are very pleased to have Maersk Line join NYSHEX as a founding member,” said Gordon Downes, CEO of NYSHEX.
“Maersk Line has been a pioneer of many digital initiatives, and we are delighted to be working together in digitizing the freight contracting process, as well as improving shipment reliability. With each additional carrier that joins the exchange, our members benefit from more offerings and services to choose from.”
The member carriers on NYSHEX now represent all three major alliances: 2M, Ocean Alliance, and THE Alliance, providing shippers with a broad array of services to choose from.
Peter Hildebrandt, Head of Revenue Management for Maersk Line and future industry representative on the NYSHEX Member Council, said: “Our investment in NYSHEX is another example of our commitment to be a key player in the industry's digital transformation. This platform will help us expand the range of digital products and services to ultimately enhance the customer experience.”
Speaking to the importance of addressing the issues of over-bookings and rollings in the shipping industry, Omar Shamsie, President of Maersk Line North America added: “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.”
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 in its transpacific export agriculture market (exports from the U.S. to Asia), as of March 2018.
Buyers of container shipping services: shippers and NVOCCs, use NYSHEX at no cost. Ocean carriers pay a transaction fee of $5/TEU.