Hapag-Lloyd, CMA CGM Join New York Shipping Exchange

The New York Shipping Exchange (NYSHEX) has finalized its Series A round of funding totaling USD 13 million, bolstered by major shipping lines.

Namely, Germany-based container carrier Hapag-Lloyd and French shipping major CMA CGM joined the investment round, along with additional investments from GE Ventures and Goldman Sachs.

“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,” Rodolphe Saadé, CEO of CMA CGM, said.

Hapag-Lloyd, CMA CGM, MOL and OOCL are currently working with NYSHEX, the innovator of the first digital forward freight contract for global container shipping. The exchange will continue to bring on additional carriers to grow its service offerings and pursue future funding “to build a comprehensive global exchange.”

“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,” Gordon Downes, CEO of NYSHEX, said.

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