News / Innovative new shipping contract would limit cargo no-shows and rollovers

© Gilles Decruyenaere | Dreamstime.com - Businessman Presentation (Contract)

A new contract arrangement for carriers and shippers to arrange ocean freight bookings has been launched.

It would, it is claimed, dramatically limit no-shows by shippers and rollovers by carriers, and could eliminate some of the $23bn extra costs incurred annually by the industry.

The New York Shipping Exchange (NYSHEX) has been formed to address the breakdown in relationships between shippers and container shipping lines when either party does not fulfil its obligations – particularly when shippers fail to deliver containers for booked sailings or carriers rolling-over ...