Maersk Line invests in NYSHEX to strengthens the container shipping industry
January 23, 2018: The New York Shipping Exchange (NYSHEX)-the innovator of the first digital forward freight contract for global container shipping recently incorporated Maersk Line as an investor and a founding member.
According to Alphaliner, the move marks a significant milestone for NYSHEX which currently, in less than nine months, has added six of the top global ocean carriers as members, representing a combined 52 percent of the global capacity.
Maersk Line has joined Hapag Lloyd, CMA CGM, MOL, OOCL, and COSCO as carrier members of the exchange.
"We are quite pleased to have Maersk Line join NYSHEX as a founding member. 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," said Gordon Downes, CEO of NYSHEX.
The member carriers on NYSHEX currently represent all three major alliances- 2M, Ocean Alliance and THE Alliance. This will provide shippers with a broad array of services to choose from.
"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," said Peter Hildebrandt, head of revenue management of Maersk Line, and future industry representative on the NYSHEX Member Council.
Elaborating on the importance of addressing the issues of over-bookings and rollings in the shipping industry, Omar Shamsie, president of Maersk Line North America said: "The time is now to create a more collaborative environment for all participants in the ocean transportation industry. That's why we are 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."
Meanwhile, 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 US to Asia by March 2018.