Following 374% Year-on-Year Growth, The New York Shipping Exchange (NYSHEX) Raises $13.5 Million in Additional Growth Financing to Expand Offering to Shippers
How many times have you had to walk away from hard-won business? On the flip side of the coin, how much time do you spend chasing your customers down for the cargo they awarded to you? I remember it like it was yesterday. After years of quoting and relationship building, as a carrier sales executive, I finally won the trust of a massive importer and a multi-million dollar, fixed-rate contract was […]
I spend a lot of time attending webinars, reading industry social media, and speaking with shippers to maintain a pulse on the industry. I’ve observed three main trends that everyone in the industry seems to be talking about right now. Though it may not seem so, the rudder just might be starting to turn the ship in a much better direction.
According to a Drewry survey conducted in April, as many as 10% of North American exports and 20% of Asian exports were rolled this year, impacting over 83% of shippers. During that same period, record volatility, and a shrinking market, NYSHEX posted our highest volumes and plummeting default cases.
Since our 2017 launch, we have seen volume growth of close to 600%. That growth is extremely exciting for Team NYSHEX, but more importantly for our members who continue to benefit from digital contracting. But, growth comes with an increasing need to develop and roll out new product features, like our Binding Request tool to enhanced notifications and reporting capabilities.
NYSHEX is a proud sponsor of the Agriculture Transportation Coalition (AgTC). Their annual meeting brings together some of the brightest shippers, carriers, and other industry stakeholders. Even though this year’s event took place virtually last week, the pivotal discussions charting the course for the future of the industry were not impeded. Here are some of my top takeaways from this year’s […]
From time to time NYSHEX is labeled a “disruptor.” It happened in industry news just this week. A Non-Vessel Operating Commercial Carrier in Oceania lumped us in with a TMS provider and a rate comparison tool which connects cargo owners with NVOCCs, claiming we’re all intent upon “disrupting [NVOCCs’] business.”
Force Majeure remains a hot topic for everyone right now. You might be surprised however, to learn just how low the number of legitimate Force Majeure defaults has been for NYSHEX shipments throughout the current COVID-19 pandemic. NYSHEX members can trust that those two words aren’t taken lightly, and simply stating Force Majeure after a default does not automatically indemnify a party.
“If there is one original sin of the industry, it’s a fundamental lack of integrity in freight contracts.” I wish I could take credit for it, but I can’t. This accurate quip by Peter Tirschwell came about during a JOC interview with our CEO, Gordon. Indeed, so many of the inefficiencies that plague shippers and carriers today stem from that tempting tree and its fruit that we all tasted. Now, […]
Transitioning from 15 years of working for an ocean carrier to a financial technology company, I had a lot to learn about Wall Street, exchanges, and how markets function. I mean, I’m a business major with a well-performing E*trade account, but even after three years in the Financial District with NYSHEX, I still have aha moments as I observe firsthand, the fundamentals of financial exchanges […]
