Container contract reliability efforts gaining traction
In the most serious instances, no-show containers may exceed 40% on a trip, but usually account for a quarter of bookings. In addition to the momentum of contract reliability, on June 25, Maersk, a member of NYSHEX, launched a product in which beneficial cargo owners (BCOs) are fined if they fail to deliver booked cargo, and the biggest worldwide container chain would pay a penalty if it fails to load booked cargo through its internet platform.
Gordon Downes, CEO of NYSHEX, said the new product, Maersk Spot, is a "huge net positive," compounding the attempt to make agreements mutually enforceable and complementing it with comparable products rather than competing with the exchange. While Maersk Spot offers the immediate experience of a one-stop store to shippers and forwarders, Downes observed that various carriers— including CMA CGM, Cosco Shipping, Hapag-Lloyd, HMM, Maersk, and OOCL — are offering slots on NYSHEX.
According to Johan Sigsgaard, Maersk's Head of Trade for Europe, JOC, the charging guarantee for spot rates booked on the Maersk e-commerce site is component of a greater attempt to digitize more transactions, offering shippers, forwarders and non-vessel-operating common carriers (NVOs) with a similar experience to other customer experiences where obligations are met.
Together with Maersk, Hapag-Lloyd was vocal in calling for a crackdown on no-shows and attempting to impose penalties on booked but not supplied shipments, at best with mixed achievement.
Downes said volume growth in NYSHEX is less about supply and more about cargo owners and carriers placing greater certainty importance. NYSHEX's first version was very particular and rigid in that BCOs / forwarders were only able to purchase room on a specified vessel with a specified origin-destination for a specified week. NYSHEX discovered that, thanks to Forward Select, consumers are more prepared to put more quantities on the exchange and beyond in the future.