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Digital container booking exchange raises $13m

The New York Shipping Exchange (NYSHEX), creator of a digital forward freight contract system for container shipping, has raised US$13 million after completing a Series A round of funding, with Hapag-Lloyd and CMA-CGM among a group of investors also including GE Ventures and Goldman Sachs.

{mprestriction ids="1,2"}NYSHEX offers a standardised exchange for the creation of enforceable freight contracts in a digital format, developed based on principles used in the New York Stock Exchange, Chicago Mercantile Exchange, and the London Metals exchange.

The NYSHEX contract can be used to buy and sell freight capacity digitally, providing an enforceable and financially secured contract to guard against no-shows in cargo bookings. The system is compliant with US regulations and the Federal Maritime Commission’s contract filing requirements.

Carriers can provide shippers and NVOCCs (non-vessel operating common carriers) with their range of offers on the exchange, with relevant details like space availability, prices and on-time performance. Shippers and forwarders can then accept a carrier’s offer directly on NYSHEX and enter a binding contract.

Buyers of container shipping services, such as shippers and NVOCCs, can use NYSHEX at no cost, though they must initially be pre-accredited with NYSHEX to get started. Ocean carriers pay a transaction fee of $5 per TEU covered by the contract.

Hapag-Lloyd, CMA CGM, MOL and OOCL have already built a working relationship with NYSHEX, which says that it aims to bring on additional carriers following this investment to grow its service offerings.

“CMA CGM welcomes the digital innovation that NYSHEX is bringing to the container shipping industry,” said Rodolphe Saadé, CEO of CMA CGM.

“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.”{/mprestriction}

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