The New York Shipping Exchange (NYSHEX) said Maersk began using it to sell space on transpacific eastbound sailings this week.
The exchange offers a service that allows ocean container carriers and shippers to enter into shipping contracts with guaranteed rates and space. NYSHEX and Maersk said the new offers are significant because it is happening during the peak shipping season.
“We typically see a historical market increase in August and September as shippers ramp up for their holiday buying season,” said Matt Hill, head of transpacific trade for Maersk Line. “Combine that with the reduction in capacity shippers are experiencing from many carriers in the trade, uncertainty around the impact on imports out of China because of the tariff issues and overall higher than expected year-to-date volumes — and you have the makings for a strong peak season.”
In addition to Maersk, NYSHEX has five other members: CMA-CGM, Hapag Lloyd, COSCO, OOCL and HMM.
Hapag-Lloyd, CMA CGM, and OOCL also are publishing offers for the transpacific eastbound trade, says NYSHEX, which said, “Our members have already locked in over 500 contracts for peak shipments.”
“We have decided to optimize our space by placing contracts from China to the U.S. 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 said.
He added the initial response from NYSHEX members indicates that demand for these new NYSHEX forward contracts will be high. Hill says, “With the feedback we’re getting, we can see it is promising. We’ll know more in the coming weeks with contracts secured and bookings being fulfilled.”
Maersk had already been offering westbound transpacific contracts on NYSHEX.
“Over the course of the past year, we have been working closely with NYSHEX on our export pilot focusing on grain contracts,” said Hill. "The pilot proved to be successful for both Maersk Line and the NYSHEX member customers. We were able to offer specific contracts to the market. Our customers went on to purchase thousands of TEUs and they shipped their contracts in full.”
NYSHEX said the number of contracts Maersk offers is not set and could change daily or weekly, according to Hill.
Gordon Downes, the chief executive officer of NYSHEX said there are about 200 shipper and NVOCC members of the exchange with thousands of TEUs being contracted and the number growing.
“Given the strong peak this year, the ability for shippers to lock in guaranteed space and equipment from these top tier innovative carriers can alleviate the nightmare of airfreight or stock-outs,” he said.