South Korean shipping company Hyundai Merchant Marine (HMM) has become the newest carrier member of the New York Shipping Exchange (NYSHEX), an exchange portal for shippers and carriers.
The digital contracting platform provides the entire supply chain with more clarity with fully enforceable ocean freight contracts .
In less than a year, NYSHEX has brought on six of the top global ocean carriers as members, representing a combined 52 pct of the global capacity (source: Alphaliner) – Maersk Line, Hapag Lloyd, CMA CGM, MOL, OOCL, and COSCO. NYSHEX current ocean carrier members represent all three major container shipping alliances: H+2M, Ocean Alliance and THE Alliance.
“As an innovator in reliability and technology, HMM provides our shipper members with additional service options at an ideal time as new routings and new trade lanes are being added daily. Global shippers of all types are welcoming the value of NYSHEX’s free membership and unlocking the benefits of reliable digital contracting via the exchange’s easy-to-use digital framework,” said Gordon Downes, CEO of NYSHEX.
“We are committed to delivering reliability, differentiation and options to our customers. HMM is focused on digital solutions that allow our customers to work online similar to how they live their daily lives. NYSHEX has created an easy to use healthy industry solution that significantly reduces inefficiencies, contracting complexity with a fixed all-in rate and delivers unmatched reliability for our customers’ global shipments. NYSHEX can be a powerful and meaningful outlet to access mutually committed service with our customers,” added Lawrence Burns, Senior Vice President of Trades and Sales for Hyundai Merchant Marine.
HMM plans to begin posting offers on the exchange August 6, 2018 for the Transpacific Westbound trade.