In 2017, the New York Shipping Exchange (NYSHEX) officially launched as the very first to bring a fixed price, fully enforceable and reliable digital freight contract to the global container shipping market. Since our launch, we have been providing shippers with reliable TPEB and TPWB service options from top ocean carriers including: CMA CGM, Hapag Lloyd, Maersk Line, OOCL and COSCO.
Today, we’re thrilled to share that we’re now in Asia with a headquarters location in Hong Kong.
We’re now on the ground, in the local market, to expand our Transpacific Trade reach. Collaboration with CIF (cost, insurance and freight) shippers is in full swing. Our first Asia-based CIF shipper pilot was launched this month which started with a workshop where over 20 shippers joined one of our carrier members to collaborate and learn about the NYSHEX Forward™ contract structure and operating details. All the shippers that attended joined on as members of NYSHEX.
The scope of the first pilot is starting off conservatively, initially covering China, Hong Kong and Taiwan to the U.S. East Coast, U.S. West Coast and some select IPI (inland point intermodal) points. It will run for 2 months.
We will learn a lot from this pilot and will incorporate key aspects of this knowledge into NYSHEX to continue developing and innovating to drive greater value for the container shipping industry.
Don Chen joins the NYSHEX team, as Managing Director of Asia, with a strong 12-year background in the shipping industry. Don has worked for steamship lines, as well as with forwarder and BCO shipper businesses. He also has international education and work experience. This broad shipping experience, along with his passion and ambition, will drive growth and adoption for NYSHEX in Asia.
Don, tell us a little about your background?
I grew up in Guangzhou, China. For university, I attended schools in England for both my Bachelors and Masters degrees in Business Management. After graduation, I started my career with CSAV and then CMA-CGM where I learned how carriers manage their pricing and capacity for different trade lanes. Following seven years working for these carriers, I joined one of the top NVOCCs in the Transpacific trade, Apex Maritime, and led their South China sales teams to develop the CIF market. After almost 4 years at Apex, I joined one the of top BCO shippers in China, the Midea Group, who owns a logistics company called Annto Logistics. I served as acting Deputy GM of Annto Global Logistics and managed their sales, operations and procurement teams.
What brought you to NYSHEX and what made this opportunity interesting?
Digitalization is the future of the shipping industry and I think NYSHEX provides a very good solution – applying technology to rationalize shipping processes and to avoid unnecessary effort and costs. Nothing is more exciting than joining a team that is shaping the future of the industry. Also, I believe NYSHEX provides me with the opportunity make use of all the industry knowledge and resources that I have gained throughout my career and allows me to expand my knowledge in an exciting way.
What are your initial impressions of NYSHEX?
It is an extremely positive, professional and friendly organization. Everyone I’ve met is super upbeat with ‘can do’ and ‘why not’ spirits that encourage me all the time. I knew I was welcome and a part of the team when I saw all the preparation and gifts on my desk the first day at the New York Office.
What are your thoughts on the state of digital offerings in China, and how does NYSHEX compare?
Digitalization is not a new concept to China. Most people believe it will be the future but they don’t know what it will look like and when it will really happen. No one has seen real digitalization solutions that improve outdated and complicated shipping industry processes like NYSHEX does. NYSHEX has the right technology and knowledge, good resources backed by carriers, and passion for shaping the industry. I know NYSHEX has a strong foundation for success.