The New York Shipping Exchange (NYSHEX), the innovator of the first digital forward freight contract for global container shipping, announced the addition of Maersk Line as an investor making them a founding member.

This marks a significant milestone for NYSHEX, which, 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 joins Hapag Lloyd, CMA CGM, MOL, OOCL, and COSCO as carrier members of the exchange.

“Maersk Line has been a pioneer of many digital initiatives,” said Gordon Downes, CEO of NYSHEX, “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.”

The member carriers on NYSHEX now represent all three major alliances: 2M, Ocean Alliance and THE Alliance. This provides 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,” said Peter Hildebrandt, head of revenue management for Maersk Line. “This platform will help us expand the range of digital products and services to ultimately enhance the customer experience.”

“The time is now to create a more collaborative environment for all participants in the ocean transportation industry,” said Omar Shamsie, president of Maersk Line North America. “That is why we’re 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.”

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 for exports from the United States to Asia beginning in March 2018.

NYSHEX provides the global shipping industry with a simplified and standardized digital freight contract. NYSHEX is compliant with all US regulations as well as the Federal Maritime Commission’s contract filing requirements. Buyers of container shipping services—shippers and NVOCCs—use NYSHEX at no cost. Ocean carriers pay a transaction fee of five dollars per TEU.