We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • Upload your video
  • BLOGS & MORE
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • SCQ Forum
      • Reflections
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • Upload your video
  • BLOGS & MORE
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • SCQ Forum
      • Reflections
    • Mobile Apps
Home » NYSHEX Enhancement Guarantees Direct Container Shipping Service Contracts
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

NYSHEX Enhancement Guarantees Direct Container Shipping Service Contracts

February 12, 2020
No Comments

NEW YORK, NEW YORK - February 12, 2020, 6:00 AM EST- - The New York Shipping Exchange (NYSHEX), whose vision is to increase ocean reliability through more effective digital contracting, announces today the launch of an enhancement allowing shippers and carriers to utilize the NYSHEX framework and technology to secure, monitor and enforce ocean contracts signed outside of the Exchange.

Having secured over 90k TEUs with 98%+ contract fulfilment, NYSHEX has demonstrated that when there is accountability in contracting, reliability increases. Unlike liquidated damages clauses in contracts today, NYSHEX enables two-way performance commitments which are fully enforceable and backed by a 100% payout guarantee. The latest enhancement enables shippers to extend the guaranteed reliability of NYSHEX contracts to their own contracts and pay the carrier directly according to their credit terms.

Shippers and carriers can set the mutual performance incentives that work for their businesses within their own contract boiler plate and appoint NYSHEX to independently monitor the contract. The key advantages for shippers are:
- Clear and enforceable performance incentives and terms for the alignment of expectations.
- Access to near-real-time visibility into mutual contract compliance to keep the contract on track.
- Impartial resolution of issues in accordance with the Member Handbook which provides a comprehensive outline of exactly how each exception will be processed.

This new enhancement, as with all NYSHEX features represent no cost for BCOs and NVOCCs.

"Secure ocean contracts are a big win for both shippers and carriers. Shippers stand to improve supply chain reliability and reduce unbudgeted freight costs. With the confidence from knowing the shippers' cargo flows are committed, carriers provide a better customer experience and avoid lost revenue from unfulfilled contracts. In addition, the NYSHEX guarantee helps to strengthen shipper - carrier business relationships by ensuring exceptions and disputes are resolved fairly and efficiently," added Gordon Downes, CEO of NYSHEX.

"The many months of development of the innovative contract performance module has met with early success on the Transpacific Westbound trade, and Dorel is pleased to be the first BCO to partner with NYSHEX and HMM on the Transpacific Eastbound," said Michael A. Grier, Senior Vice President Operations at Dorel Industries Inc.

"Since joining NYSHEX in 2018, we have seen great value in terms of enhanced relationships with our customers through the ability to better plan based on committed capacity and equipment demand. Our customers are returning to do more, and larger contracts with us through NYSHEX, as they seek to ensure reliability in their overall supply chains. We see this new NYSHEX enhancement as a good way to improve this even further," said Peter Hildebrandt, Vice President and Senior Transformation Partner at Maersk.

To learn more about this new innovation for direct service contracts, visit https://www.nyshex.com/product, demos are available upon request.

About The New York Shipping Exchange (NYSHEX)

Founded in 2015, the New York Shipping Exchange (NYSHEX) provides the process and technology which supports clarity of terms, visibility of performance and resolution of exceptions for ocean contracts. Our mutually beneficial platform for both shippers and carriers enables mutual planning, better collaboration and building trust. Whether you need a reliable weekly or monthly spot contract, or to strengthen your long-term direct ocean contract you will benefit from the alignment of expectations between shipper and carrier, the data to inform meaningful discussions surrounding performance, and peace of mind in the dispute process.

NYSHEX complies with the U.S. Federal Maritime Commission's freight contract filing requirements. Beneficial cargo owners and non-vessel operating common carriers contract using the NYSHEX technology at no cost. The seven participating global ocean carrier pay a transaction fee of $5/TEU contracted.

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

Connect with NYSHEX on LinkedIn.

More Info: https://www.nyshex.com/product

Submit your logistics, material handling, or supply chain related company news in Supply Chain Quarterly's's Industry Press Room section or New Products section
  • Related Articles

    The New York Shipping Exchange (NYSHEX) Raises $13.5 Million in Additional Growth Financing

    A container security service offered by Dachser locates stolen high-value container with cargo

    Asia Shows Increasing Demand for Container Shipping of U.S. Soybeans

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • The 3PL industry: time to reset

  • Resiliency starts with supplier mapping

  • Freight market growth expected to slow in 2021

  • Seizing the helm

  • Retailers designing stores to support inventory and logistics work, not just shopping

Featured Video

6cabd6ef 64df 4460 bb11 e90c2bdea0a5

Identifying Intralogistics Solutions to Fit Your Operation: LinkedIn Live Ep. 4

Viewer Contributed
As technology evolves, the advantages of using semi- and fully automated solutions to increase productivity and address labor shortages are clear. However, before an organization jumps fully into automation, optimization is a key step that must happen first. Intralogistics solutions, such as Raymond’s iWAREHOUSE and...

FEATURED WHITE PAPERS

  • Warehouse Management System Project Toolkit

  • Solving Talent Management Challenges Now and In the Future

  • Shaping Up Last Mile Delivery to Surpass Customer Expectations

  • Finding the Right Transportation Management Partner

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing