The New York Shipping Exchange (NYSHEX) informed that German Hapag-Lloyd and French CMA-CGM joined the investment round, and announced additional investments from GE Ventures and Goldman Sachs, marking the completion of Exchange’s Series A round of funding, totaling $13 million.
The Exchange is currently working with Hapag-Lloyd, CMA CGM, MOL and OOCL. NYSHEX aims to continue to bring on additional carriers, in order “to grow its service offerings and pursue future funding to build a comprehensive global exchange.”
“CMA CGM welcomes the digital innovation that NYSHEX is bringing to the container shipping industry. Digitalisation is essential to offering our customers new and differentiated products” said Rodolphe Saadé, CEO of CMA CGM.
As explained, NYSHEX offers carriers 97 percent certainty in future cargo flows, enabling better vessel planning and uptake management, more dynamic pricing, and improved working capital.
“NYSHEX is addressing some of the most fundamental problems facing the ocean shipping industry today – uncertainty and inefficiency,” said Mark Chadwick, Executive Sourcing Leader, GE.
“Hapag-Lloyd invested because we believe NYSHEX can help solve the challenge of unreliability and unpredictability that affects everyone in the container shipping industry, by ensuring commitments are met by both sides,” said Thorsten Haeser, Chief Commercial Officer of Hapag-Lloyd.
NYSHEX is compliant with all US regulations as well as the Federal Maritime Commission’s contract filing requirements. It is based on proven and relevant principles from the New York Stock Exchange, Chicago Mercantile Exchange, and the London Metals exchange.
