<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=1950986&amp;fmt=gif">

Subscribe to the NYSHEX Blog

How Hapag-Lloyd is Harnessing the Forward this Harvest Season

When George Washington said, “Agriculture is the most healthful, most useful, and most noble employment of man,” he understood the dedication and hard work of U.S. farmers and the importance of this work.  Now, moving into the fall agricultural (agri) harvest season, we’re looking at the challenges impacting these diligent U.S. farmers as they prepare their crops for export. 

Maersk Ready to Reap Peak U.S. Harvest with Guaranteed Transpacific Westbound Service Offers

When you want a better idea of how one of the largest peak agricultural seasons will play out, you ask one of the world’s largest shipping lines. In this case, we asked Maersk’s Alan MacPherson, Sr. Director of Sales, Central Region and Fernando Quinonez, Director of Sales, Midwest region who collectively have dozens of years of experience working with agri shippers.

NYSHEX Expands Carrier Member Network with Addition of Hyundai Merchant Marine (HMM)

We are pleased to announce another significant addition to the NYSHEX community. We are pleased to welcome Hyundai Merchant Marine (HMM) as the newest carrier member on the exchange.  

Planting the Seeds of Reliability

 

NYSHEX’s Hybrid of Guaranteed Ocean Shipping and Digital Contracting
Finds Fertile Ground at the
Agriculture Transportation Coalition Annual Meeting.

With summer in full swing and a wide scale greening everywhere you look, I’m astounded to see what was just seeds weeks ago becoming massive plants, flowers, and vines. [Note to self: weed the maple seedlings in the yard before they take over.] A few days ago, I had an equally amazing opportunity to see the seeds of NYSHEX that were planted with export shippers a year ago coming into full bloom at the Agriculture Transportation Coalition Annual Meeting (AgTC), a gathering of over 400 agricultural and forest products shippers and logistics professionals.

NYSHEX Poised for Expansion as it Finalizes Series-A Investment​

- Hapag-Lloyd and CMA-CGM invest, along with GE Ventures and Goldman Sachs, resulting in total investment of $13M -

NEW YORK, NEW YORK – August 21, 2017 – The New York Shipping Exchange (NYSHEX), the innovator of the first digital forward freight contract for global container shipping, today announces the completion of its Series A round of funding.   Hapag-Lloyd and CMA-CGM joined the investment round, along with additional investments from GE Ventures and Goldman Sachs - the Series A investment totals $13 million. 
 
Hapag-Lloyd, CMA CGM, MOL and OOCL are currently working with NYSHEX.  NYSHEX will continue to bring on additional carriers to grow its service offerings and pursue future funding to build a comprehensive global exchange.  
 
NYSHEX provides the global shipping industry with a simplified and standardized “over-the-counter” exchange for entering enforceable freight contracts. NYSHEX is compliant with all U.S. regulations as well as the Federal Maritime Commission’s contract filing requirements. It is based on proven and relevant principles from the New York Stock Exchange, Chicago Mercantile Exchange, and the London Metals exchange.
 
Buyers of container shipping services: shippers and NVOCCs use NYSHEX at no cost. Initially, they must be pre-accredited with NYSHEX to get started. Ocean carriers pay a transaction fee of $5/TEU.
 
NYSHEX is different from the traditional long-term contract and spot market contract. NYSHEX offers a third option, defined by:
  • Predictable rates that lack the volatility of current rate practices
  • Rates that are all-in, no GRIs, surcharges, etc. are tacked onto offers on NYSHEX
  • Buyers pay liquidated damages for no-show containers which enable carriers to improve vessel planning and utilization
  • Equally, carriers pay liquidated damages when the contract is not operationally fulfilled
  • Shippers can receive fixed rates, enforceable contracts, accurate invoices and a significantly more reliable supply chain, with above 99 percent reliability.
  • Forwarders and NVOs create value for customers with a combination of products and services that best meet their supply chain needs.
  • Carriers now have 97 percent certainty in future cargo flows, enabling better vessel planning and uptake management, more dynamic pricing, and improved working capital.
 
“NYSHEX is addressing some of the most fundamental problems facing the ocean shipping industry today – uncertainty and inefficiency,” said Mark Chadwick, Executive Sourcing Leader, GE.
 
“CMA CGM welcomes the digital innovation that NYSHEX is bringing to the container shipping industry. Digitalisation is essential to offering our customers new and differentiated products. This partnership is one more step in CMA CGM’s digital transformation, aiming to continuously create added value for its customers,” said Rodolphe Saadé, CEO of CMA CGM.

“Hapag-Lloyd invested because we believe NYSHEX 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,” said Thorsten Haeser, Chief Commercial Officer of Hapag-Lloyd.
 
“It is best practice for participants of an exchange to also be investors in the exchange, and we are delighted to have CMA-CGM and Hapag-Lloyd as shareholders, along with GE Ventures, Goldman Sachs and our other strategic investors. This demonstrates the industry’s confidence in the role that NYSHEX is playing in global shipping,” said Gordon Downes, CEO of NYSHEX.