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Trust in shipping is making a comeback! But what’s NYSHEX got to do with it?

Back in 1823, the shipping markets were characterized by “wild gambling”. To combat this, the Baltic Exchange was established as a private meeting room where admission was strictly limited to trustworthy merchants and shipowners. Their motto enshrined this principle as “our word, our bond"(1)

The Three Questions Everyone Asks About NYSHEX

Earlier this month I got the chance to present to hundreds of shippers, 3PLs and other industry stakeholders at the Terminal Operators Conference (TOC) Asia event in Singapore. I spoke to NYSHEX's progress thus far and our future trajectory, then I participated in a panel on digital innovation. The crowd engagement was so high that I wish we had had another hour for just the Q&A. These are the main question themes raised at TOC Asia and the ones I hear wherever I go.

There are plenty of platforms and digital solutions available now in the industry. What makes one stand out from another?  

There are indeed many digital solutions in the market - booking platforms, forward contracting, digital forwarding, digital marketplaces - you name it. Just because something is digital, doesn’t mean it adds value or solves a pain point. Therefore, many are skeptical and overwhelmed in today’s logistics environment which has seen unprecedented venture capital injections from firms outside of the industry.

At NYSHEX, we have a lot of features that make current processes more efficient, but our mission is unlike any other in our industry. We fix the brokenness of contracting. Today, ocean contracts are not enforceable and getting a booking doesn’t mean you get on a ship and depart on time. Furthermore, getting a quote can take days, it is difficult to compare one carrier’s ocean quote to another’s, and there is no certainty as to what your rate will be when the ships get full. At NYSHEX, we address all these challenges by providing shippers with a transparent, guaranteed contract that is backed by financial penalties if breached. The great news is that, across tens of thousands of containers, these contracts remain 98% reliable! That’s a number unrivaled in our industry.

The New York Shipping Exchange and MarsEx announce their collaboration

The New York Shipping Exchange and MarsEx are proud to announce their collaboration toward the first guaranteed reservations to the planet, Mars. The MarsEx Transit Vehicle which is scheduled to depart Earth for Mars in the year 2030 will utilize the demonstrated accountability model of NYSHEX to fill each of the 100 passenger slots.

The Wheel of Uncertainty

When I graduated from college and decided to go into international shipping, no one ever told me I was joining an industry with such a passion for gambling.  Ok sure, we don’t find ourselves in Vegas or Atlantic City often, but we do throw the dice onto a high-stakes table each time a booking gets made.  Don’t believe me?  Well, how about these proof points:

Zeroing in on a Kinder US Export Environment

I face my fears head on, like jumping out of an airplane at 15,000 feet, picking up a boa constrictor, or riding on horseback among big cats through the African bush.  None of this compares, however, to the nerves and excitement I had leading up to my first opportunity to speak at the largest annual shipping event, the Transpacific Maritime Conference.