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Three Ocean Contracting Trends Everyone's Talking About

I spend a lot of time attending webinars, reading industry social media, and speaking with shippers to maintain a pulse on the industry. I've observed three main trends that everyone in the industry seems to be talking about right now. Though it may not seem so, the rudder just might be starting to turn the ship in a much better direction.

NYSHEX Volumes Grow 2.5X in 2020

According to a Drewry survey conducted in April, as many as 10% of North American exports and 20% of Asian exports were rolled this year, impacting over 83% of shippers. During  that same period, record volatility, and a shrinking market, NYSHEX posted our highest volumes and plummeting default cases.

Has Trust Among Shipping Stakeholders Reached a New Low?

NYSHEX is a proud sponsor of the Agriculture Transportation Coalition (AgTC). Their annual meeting brings together some of the brightest shippers, carriers, and other industry stakeholders. Even though this year's event took place virtually last week, the pivotal discussions charting the course for the future of the industry were not impeded. Here are some of my top takeaways from this year's presenters.

Should NVOCCs Be Afraid of NYSHEX?

From time to time NYSHEX is labeled a “disruptor.” It happened in industry news just this week. A Non-Vessel Operating Commercial Carrier in Oceania lumped us in with a TMS provider and a rate comparison tool which connects cargo owners with NVOCCs, claiming we’re all intent upon “disrupting [NVOCCs’] business.”

NYSHEX Force Majeure Case Studies From COVID-19

Force Majeure remains a hot topic for everyone right now. You might be surprised however, to learn just how low the number of legitimate Force Majeure defaults has been for NYSHEX shipments throughout the current COVID-19 pandemic. NYSHEX members can trust that those two words aren’t taken lightly, and simply stating Force Majeure after a default does not automatically indemnify a party.