Hyundai Merchant Marine Joins NYSHEX

The New York Shipping Exchange (NYSHEX), the innovator of the first reliable digital forward freight contract for global container shipping, announced the addition of Hyundai Merchant Marine (HMM) as the newest carrier member to join the exchange.

HMM joins a group of innovative carriers – Maersk Line, CMA CGM, Hapag Lloyd, OOCL, and COSCO – who have embraced the value of digital contracting and fully enforceable ocean freight contracts as a new offering for their customers. Model introduced by NYSHEX that is proven by a 99.8% fulfillment rate, said a press release.

HMM joins NYSHEX at a great time, as both shipper membership and carrier offerings are growing rapidly, it said.

“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. 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,” said Gordon Downes, CEO of NYSHEX.

NYSHEX current ocean carrier members represent all three major container shipping alliances: H+2M, Ocean Alliance and THE Alliance. This provides global shippers with a broad array of service options to choose from especially when market or infrastructure challenges have the potential to impact the integrity of their supply chains. With six of the leading global ocean carriers on NYSHEX, over 52% of global capacity is represented.

“We are committed to delivering reliability, differentiation and options to our customers. HMM is focused on digital solutions that allow our customers to work online similar to how they live their daily lives.  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,” added Lawrence Burns, Senior Vice President of Trades and Sales for Hyundai Merchant Marine.

With NYSHEX, HMM has the ability to offer a product which allows shippers the ability to agree on and control their costs upfront. When contracting via NYSHEX shippers will receive a secure space and equipment commitment from HMM which guarantees the transport of their shipment.