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  August 19th, 2018 | Written by

NYSHEX expands carrier member network

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  • Exchange growth continues support for reliable digital container contracts.
  • HMM joins Maersk Line, CMA CGM, Hapag Lloyd, OOCL, and COSCO as a member of NYSHEX.
  • Over 52 percent of global capacity is represented on NYSHEX.

The New York Shipping Exchange (NYSHEX), the innovator of the first reliable digital forward freight contract for global container shipping, today announces the addition of Hyundai Merchant Marine (HMM) as the newest carrier member to join the exchange. HMM began posting offers on the exchange August 6 for the transpacific westbound trade.

HMM joins a group of carriers—Maersk Line, CMA CGM, Hapag Lloyd, OOCL, and COSCO—who have embraced the value of digital contracting and fully enforceable ocean freight contracts as a new offering for their customers. A model introduced by NYSHEX that is proven by a 99.8-percent fulfillment rate. HMM joins NYSHEX at a great time, as both shipper membership and carrier offerings are growing rapidly.

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

NYSHEX current ocean carrier members represent all three major container shipping alliances: H+2M, Ocean Alliance, and THE Alliance. This provides global shippers with a broad array of service options to choose from especially when market or infrastructure challenges have the potential to impact the integrity of their supply chains. With six of the leading global ocean carriers on NYSHEX, over 52 percent of global capacity is represented.

“HMM is focused on digital solutions that allow our customers to work online similar to how they live their daily lives,” said Lawrence Burns, Senior Vice President of Trades and Sales for Hyundai Merchant Marine. “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.

With NYSHEX, HMM has the ability to offer a product which allows shippers the ability to agree on and control their costs upfront. When contracting via NYSHEX shippers will receive a secure space and equipment commitment from HMM which guarantees the transport of their shipment.