- Nyshex closed its Series C funding round, with Intercontinental Exchange (ICE) joining as a shareholder.
- ICE will collaborate with Nyshex to launch shipping rate indexes to improve transparency and risk management.
- The platform aims to make container shipping contracts more predictable and efficient for all stakeholders.
The New York Shipping Exchange (Nyshex) has raised new funding and partnered with Intercontinental Exchange (ICE) to launch transparent shipping rate indexes. These developments aim to address inefficiencies and volatility in the container shipping market, reports Freight Waves.
Nyshex Secures Series C Funding
Nyshex completed its Series C funding round, led by Collate Capital with contributions from existing investors, including Goldman Sachs and NewRoad Capital.
The funding will support Nyshex’s expansion of services, including its partnership with ICE.
Collaboration with ICE
ICE, known for its global financial exchange operations, will act as the calculation agent for freight rate indexes.
Starting next year, the indexes will monitor actual cargo movement rates, providing free access to carriers, shippers, and non-vessel-operating common carriers (NVOCCs).
Improving Contract Efficiency
Nyshex facilitates two-way committed shipping contracts, ensuring contract performance and exception resolution through its digital platform.
The new indexes are designed to reduce cost volatility and improve freight management for supply chain managers.
Addressing Market Volatility
The collaboration with ICE introduces tools for hedging the volatility of container spot rates.
These tools aim to provide carriers with better asset utilization and more predictable revenue while helping shippers manage freight risks.
Expanding the Index-Linked Contract Trend
With the industry moving towards index-linked contracts, the new rate indexes are expected to bring greater price transparency and risk management options for stakeholders across the shipping sector.
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Source: Freight Waves
