By GMM News | 2024-08-20 | International Shipping News |

The New York Shipping Exchange continues to expand its product offerings to win additional business in an increasingly dynamic container shipping market.

“Shippers have to deal with unpredictable freight costs, and likewise carriers face unpredictable revenue,” Gordon Downes, NYSHEX CEO, said during a recent interview.

In an effort to provide requisite contract flexibility, NYSHEX now offers a number of conventional/traditional contracts without a standard penalty clause attached to errant performance by either party. These contracts complement NYSHEX longstanding enforceable contracts.

Until January, all NYSHEX contracts had a two-way commitment clause. Those contracts impose an enforceable penalty on an errant party that fails to meet contract terms.

NYSHEX, a neural third-party platform that books transport for shipping containers, also has updated its fee structure. As of January, shippers pay $3 for each twenty-foot container covered by a NYSHEX contract, earlier shippers incurred no charge.

Conversely, carrier members pay $1.5 million annually for NYSHEX service. Previously, NYSHEX charged carriers a $5 for booking carriage for a twenty-foot container.