Container shipping company Ocean Network Express (ONE) has joined the New York Shipping Exchange (NYSHEX), an exchange platform for shippers and carriers.
With seven of the major 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.
“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,” Sundeep Sibal, Senior Vice President of Trans Pacific and Trans Atlantic trade at ONE, explained.
“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.”
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,” Gordon Downes, CEO of NYSHEX, said.
As informed, digital contracts made through NYSHEX have achieved a fulfillment rate of 98.4%, substantially improving reliability for both shippers as well as carriers.
From early 2020 the 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.