The New York Shipping Exchange (NYSHEX), which debuted the first digital forward freight contract for global container shipping, has announced $8.5m in Series A funding led by Goldman Sachs Principle Strategic Investments and GE Ventures, with participation from Blumberg Capital, Tectonic Capital and other investors.
Founded in 2015, NYSHEX provides the global shipping industry a standardised over-the-counter (OTC) exchange for entering enforceable freight contracts. Oslo has traditionally led the market for shipping OTC activity until recently.
“We are honoured to have backing from such strategic investors as we work collaboratively to solve a major challenge facing the global container shipping industry,” said NYSHEX CEO Gordon Downes.
“Five of the top ten global ocean carriers are actively engaged on NYSHEX; and leading shippers and forwarders are joining daily. By mid-year we will be fully operational within the transpacific trade and by end of year we intend to be working collaboratively with our members to expand into the Asia-Europe trade,” Downes added.