Commissioner Daniel Maffei visits NYSHEX HQ in New York
On October 2, 2019, Commissioner Daniel Maffei met with Mr. Gordon Downes, CEO of the New York Shipping Exchange (NYSHEX), at the company’s headquarters in lower Manhattan.
NYSHEX was founded in 2014 with the intention of establishing enforceable “NYSHEX Forward Contracts” which impose penalties on either the shipper or carrier for non-fulfillment or non-performance of a contract. The NYSHEX digital platform showcases participating carriers’ all-in fixed rates and service details. Members of the exchange can review offers from several ocean carriers and execute a contract which locks in rates for up to six months, not subject to GRIs or further discounting.
The meeting included a tour of the operations, introductions to the engineers of the digital platform, and a presentation on current market conditions.
Commissioner Maffei appreciated the opportunity to gain further insight into NYSHEX’s approach to solving problems in the shipping industry, and he notes that the Commission should remain diligent in providing government oversight in a way that ensures innovative ideas can be put into effect and incentivizes frequent communication between the private sector and the Commission in the pursuit of novel solutions to shipping industry inefficiencies.