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.
Gartner: Women in supply chain at five-year high
Women now represent a greater percentage of the supply chain workforce than at any other point in at least the past five years, according to a recent Gartner survey.
The Women in Supply Chain Survey 2021, conducted by Gartner and Awesome, surveyed 223 supply chain organisations with more than $100m in annual revenue from February through to the end of March 2021.
- Women represent 2% more of supply chain workforce than in 2020
- Women now account for 42% of the workforce
- Number of women in exec-level positions declined by 2%
- Just 15% of top leadership are women (17% in 2020)
- 84% of organisations say COVID-19 did not impact efforts to advance women
It found that women now represent two per cent more of the supply chain workforce than in 2020, accounting for 42%, compared with 39% last year. Dana Stiffler, Vice President Analyst with the Gartner Supply Chain practice, says the impact of COVID-19 on supply chain was significant, though different to other sectors.
"Contrary to other industries, supply chain’s mission-criticality during the COVID-19 pandemic has meant that many sectors did not reduce their workforce, but rather continued to hire and even faced talent shortages, especially in the product supply chains," she said. "This resulted in many women not only standing their ground in supply chain organisations but increasing their representation in organisations. We also recorded a record number of specific commitments and supply chain-led actions and saw existing programs starting to pay off."
Supply chain still lacks women in executive leadership
But the elephant in the boardroom remains. Though the figures present a positive step towards greater diversity and gender equality at all levels, the number of women in executive level positions declined by two per cent in the past year. Women represent just 15% of the upper echelons of supply chain leadership. Gartner did however record a rise in women at all other levels of leadership.
The vast majority (84%) of organisations surveyed said the outbreak had no discernible impact on their ability to retain and advance women. But more than half (54%) admitted that retaining mid-career women was becoming increasingly difficult. A lack of career opportunities was cited as the biggest challenge to this, while other blamed a lack of development opportunities.
Despite these challenges, companies of all sizes are becoming broadly better at gender diversity. Around a third more said they had a targeted initiative focused on attracting women and advancing their careers.
Stiffler said a push towards measurable and formal initiatives is at least pointing in the right direction: “It's encouraging to see that the larger share of this jump was for more formal targets and specific goals on management scorecards. For these respondents, there is greater accountability for results — and we see the correlation with stronger representation and inclusion showing up in pipelines.”