Hyundai joins major carriers to sell slots via NYSHEX network


KOREA's Hyundai Merchant Marine (HMM) will join most major carriers in selling slots on the NYSHEX digital platform, offering its own westbound transpacific backhaul rates from August 6.

HMM vice president Lawrence Burns said the decision was made to stress carrier's commitment to reliable, differentiated services to customers.

"NYSHEX has created an easy to use solution that reduces inefficiencies, contracting complexity with a fixed all-in rate and delivers unmatched reliability," said Mr Burns.

The NYSHEX allows shippers, forwarders and carriers to enter into forward ocean contracts that include legally binding clauses, as well as penalties for non-compliance, reports American Shipper.

An objective of the platform, that now represents 52 per cent of global capacity, is to reduce the frequency of shipper and forwarder no-shows and of cargo roll-overs from carriers.

The New York Shipping Exchange (NYSHEX) describes itself as "the market created by and for shippers, freight forwarders and carriers in the global ocean transport industry. Through fair practices, inclusivity and the introduction of the first forward freight contract, NYSHEX provides the alternative to the unpredictable spot market".