The South Korean ocean carrier is the latest to use NYSHEX’s platform for enforceable container freight contracts.
Hyundai Merchant Marine has become the latest ocean carrier to offer enforceable container freight contracts via the New York Shipping Exchange (NYSHEX), NYSHEX said in a statement.
The South Korean firm joins fellow top-10 container carriers Maersk Line, CMA CGM, COSCO, Hapag-Lloyd and OOCL in selling space on the NYSHEX platform. With the addition of HMM, which will begin posting available westbound transpacific offers on Aug. 6, NYSHEX carriers now represent members of all three major east-west vessel sharing alliances and more than 52 percent of global capacity.
The NYSHEX digital platform allows shippers and non-vessel-operating common carriers (NVOCCs) carriers to enter into forward ocean contracts with carriers that include legally binding clauses for both parties, as well as penalties for non-compliance. The primary goal of the platform is to prevent the age-old problem of shippers and NVOCCs no-showing on container bookings and carriers rolling cargo due to vessel overbooking.
According to company officials, the NYSHEX guaranteed forward contract model has a 99.8 percent fulfillment rate.
“We are thrilled to welcome HMM as a carrier member of the exchange who joins our other carriers in bringing a virtuous cycle of reliable bookings and services to global shippers,” said NYSHEX CEO Gordon Downes. “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.
“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,” he added.
Lawrence Burns, senior vice president of trades and sales for HMM, said the move is part of the carrier’s renewed commitment to delivering reliable, differentiated services to its shipper and NVOCC customers.
“HMM is focused on digital solutions that allow our customers to work online similar to how they live their daily lives,” he said. “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.”
HMM joins NYSHEX carrier network
