The issue plaguing container shipping today is the waste caused by over-bookings, rollings and work-arounds stemming from the inefficiencies in the industry. $23 billion a year is the estimated toll that it takes according to Professor Jim Shi, Professor of Supply Chain at The New Jersey Institute of Technology.
The New York Shipping Exchange (NYSHEX) mission is to enable the digital transformation of global shipping, with the objective of addressing the contracting challenges in the industry that cause the economic waste.
NYSHEX aims to solve that problem by bringing tried and true principles of exchanges to the container shipping industry and improving the way shippers, forwarders and carriers contract with one another, transforming our current vicious cycle into a virtuous cycle in the process.
In an environment defined by no-shows, rollings, cost cutting, service slashing and holding out for better rates, no one wins.
By applying proven best practices and providing new incentives for change, transformation to a virtuous cycle is possible.
We at NYSHEX are assisting with this transformation by introducing The NYSHEX Forward,
an innovative new forward contract for short and medium term cargos.
The NYSHEX Forward will be traded exclusively on NYSHEX through a digital exchange designed to facilitate easy, efficient and open transactions. Learn more about how it works here.
Learn about current challenges in container shipping and how NYSHEX aims to help transform the industry.