After gaining successful traction in the US market, The New York Shipping Exchange (NYSHEX) has begun contracting its digital container platform to Europe.
The NYSHEX prides itself on its ability to restore trust between shipping lines and customers, which was destroyed in the wake of the pandemic. Lack of capacity and congestion has led to carriers being unable to forecast delivery times accurately and give their customers enough time to prepare for shipments. With inaccurate information, traditional contracts between carriers and shippers (typically a few lines in an email) became obsolete and the trust was broken.
NYSHEX emphasizes the importance of digital contracts and full transparency between parties, calling themselves a provider for “two-way committed ocean contracts.” As a neutral third party, they can go in and resolve any issues without straining the relationship between carriers and their customers. By providing electronic contracts and being the facilitator, NYSHEX has allowed companies to let go of their worries and trust their suppliers again.
With its massive success in the US, NYSHEX is confident in its abilities and is now looking to help European companies snag more long-term shipping contracts, and build up trust again.