- 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 poised for expansion as it finalizes Series-A investment
posted by AJOT | Aug 21 2017 at 10:02 AM | International Trade
Hapag-Lloyd and CMA-CGM invest, along with GE Ventures and Goldman Sachs, resulting in total investment of $13M
NEW YORK, NEW YORK - 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 GoldmanSachs - 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: