NYSHEX Expands Carrier Network with Addition of Ocean Network Express

NEW YORK, NEW YORK - Wednesday, 11th December 2019 at 0730 PM Eastern time - ONE joins a group of innovative carriers who use NYSHEX to offer their customers the ability to enter digital and mutually enforceable contracts. With seven of the leading global ocean carriers on NYSHEX, over 60% of global capacity is represented. The member carriers also represent all three container shipping alliances: 2M, Ocean Alliance and THE Alliance, providing NYSHEX shipper members a broad array of service options to choose from.

"NYSHEX enables us to offer our customers an additional platform to contract with us, whereby the agreed terms are mutually enforceable. The guaranteed equipment, space and price that we offer through NYSHEX will help our customers to plan their supply chain and to lock in their transport costs up front. Having our customer's commitment to show up with their cargo as contracted, allows us to optimize our network and more accurately plan our vessels, which in turn provides more cost effective and reliable services," said Sundeep Sibal, Senior Vice President of Trans Pacific and Trans Atlantic trade at ONE.

ONE will initially begin posting selective offers for the Transpacific Eastbound trade on the exchange from mid-December 2019 for January sailings.

"We are thrilled to welcome ONE as a carrier member of the exchange. The ONE approach to container shipping today is refreshing and relevant, we look forward to the continued collaboration and innovation," added Gordon Downes, CEO of NYSHEX.

Digital contracts made through NYSHEX have achieved a fulfillment rate of 98.4%, substantially improving reliability for both shippers as well as carriers. Furthermore, ONE's membership comes at a time when NYSHEX is expanding the services it offers. From early 2020 the NYSHEX system will support more customizable terms that form part of the digital and enforceable contracts. For example, where the shipper and carrier agree, contracts will be able to cater for multiple origins and destinations, as well as longer validities.

About The New York Shipping Exchange (NYSHEX)

The New York Shipping Exchange (NYSHEX) enables more reliable shipping by solving inefficiencies from booking downfalls and shipment rollings. Carriers and shippers use NYSHEX's technology and standard form templates to enter enforceable digital contracts. NYSHEX ensures all contract terms are clear and aligned, NYSHEX then systematically monitors each shipment to independently identify flag contract exceptions. NYSHEX then resolves exceptions according to the agreed terms and standard rules.

NYSHEX complies with the U.S. Federal Maritime Commission's freight contract filing requirements. Shippers, including beneficial cargo owners (BCOs) and non-vessel operating common carriers (NVOCCs), are able to contract using NYSHEX's technology at no cost. Carriers pay a transaction fee of $5/TEU.

For more information visit: https://www.nyshex.com/

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