Maersk Line has joined the New York Shipping Exchange as an investor and founding member.

“Our investment in NYSHEX is another example of our commitment to be a key player in the industry’s digital transformation,” said Peter Hildebrandt, head of revenue management at Maersk Line and future industry representative on the NYSHEX Member Council. “This platform will help us expand the range of digital products and services to ultimately enhance the customer experience.”

According to NYSHEX, it has now added six of the top global ocean carriers as members in less than nine months: CMA CGM, COSCO, Hapag-Lloyd, Maersk Line, MOL and OOCL. These shipping lines represent a combined 52% of global capacity. All three major alliances are also represented.

“We are very pleased to have Maersk Line join NYSHEX as a founding member,” said Gordon Downes, CEO of NYSHEX. “Maersk Line has been a pioneer of many digital initiatives, and we are delighted to be working together in digitizing the freight contracting process, as well as improving shipment reliability. With each additional carrier that joins the exchange, our members benefit from more offerings and services to choose from.”

Maersk Line will be able to offer a product for customers who want to agree and control their costs upfront, and receive a commitment from the carrier for the transport of their shipments. Maersk will begin piloting the product in its trans-Pacific agriculture market for exports from the US to Asia from March 2018.

“The time is now to create a more collaborative environment for all participants in the ocean transportation industry,” said Omar Shamsie, president of Maersk Line North America. “That is why we’re excited to begin piloting NYSHEX’s processes and technology in North America starting March 2018 to increase visibility and certainty for shippers which we hope will result in a better end-to-end experience for our customers.”

NYSHEX offers a simplified and standardized digital freight contract. Shippers and NVOCCs use it at no cost, while ocean carriers pay a transaction fee of US$5/TEU.