Maersk to leverage digital platform for TPEB contracts

Maersk Line's partnership with NYSHEX extended to offer additional secure space on transpacific eastbound routes

30Aug

Maersk has announced it is to expand its partnership with New York Shipping Exchange company NYSHEX to offer transpacific eastbound (TPEB) shipping contracts in addition to its existing westbound transpacific contracts.

According to NYSHEX, its platform aims to offer guaranteed secure space, fixed rates and equipment for customers who enter shipping contract, specifically during peak season.

Matt Hill, head of transpacific trade for Maersk, North America, said: “We have decided to optimize our space by placing contracts from China to the US on NYSHEX, to allow our customers and other shippers the option of contracting via NYSHEX.

"It gives them an alternative to secure additional guaranteed space in addition to their existing carrier contracts," Hill added.


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Founded in 2014, NYSHEX is a digital platform that standardizes freight contracts. The platform aims to solve industry challenges through the optimization of supply chain reliability and efficiency, which includes improving capacity management and increasing procure-to-pay efficiency.

Hill predicted a strong peak season during August and September 2018 as a result of the holiday buying season and a reduced number of capacity shippers, as well as the "impact on imports out of China because of the tariff issues and overall higher than expected year-to-date volumes".

The US Census Bureau reported $11.1bn in exports and $44.6bn in imports in June 2018 with China.

Sources

Written by Innovation Enterprise Digital Content Editor, Simorin Pinto

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