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NEW YORK, NY: January 23, 2018. Maersk Line has joined Hapag-Lloyd, CMA CGM, GE Ventures and Goldman Sachs as a founding investor in the New York Shipping Exchange (NYSHEX), the first digital forward freight contract exchange for global container shipping.

Maersk boxesNYSHEX has also added MOL, OOCL and COSCO as carrier members and together with Maersk, Hapag-Lloyd and CMA CGM, it now represents 52 percent of the global ocean container capacity and all three alliances - 2M, Ocean Alliance and THE Alliance.

The exchange aims to provide the global shipping industry with a simplified and standardized digital freight contract with shippers and NVOCCs using it at no cost, and ocean carriers paying a transaction fee of US$5 per TEU. Maersk will begin piloting its U.S. transpacific export agriculture volumes from March 2018.

Omar Shamsie, president of Maersk Line North America commented: "The time is now to create a more collaborative environment for all participants in the ocean transportation industry [in order] to increase visibility and certainty for shippers which we hope will result in a better end-to-end experience for our customers."

Claiming to be different from traditional long-term and spot market contracts, NYSHEX offers shippers predictable all-in rates with no surcharges as buyers pay liquidated damages for no-show containers and carriers pay for non-performance. The result, says the exchange, is shippers can receive fixed rates, enforceable contracts, accurate invoices "and a significantly more reliable supply chain" with above 99 percent reliability.

Gordon Downes, NYSHEX CEO added: "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."

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