Shanghai Shipping Exchange and CargoSmart Join Forces to Establish a New Shipping Index
Sept. 5, 2019
The companies set out to offer a new schedule reliability benchmark for the shipping industry
Hong Kong and San Jose, Calif. – September 5, 2019 - Shanghai Shipping Exchange, a leading shipping index organization, and CargoSmart Limited, a leading global shipment management software solutions provider, have signed a Memorandum of Cooperation to develop a new shipping index for ocean carrier schedule reliability. Working together, Shanghai Shipping Exchange and CargoSmart will create a new methodology to calculate schedule reliability for key trade lanes to help shippers optimize their supply chains and for the industry as a whole to improve service quality.
As an open, fair and unbiased platform, Shanghai Shipping Exchange has been playing a significant role in providing up-to-date and accurate shipping information for the global shipping market, including publishing the China Containerized Freight Index (CCFI) and Shanghai Containerized Freight Index (SCFI). “The alliance with CargoSmart allows us to expand the insights we provide for the shipping industry,” said Yao Weifu, Vice President of Shanghai Shipping Exchange. “We look forward to collaborating with CargoSmart to deliver a new shipping index that increases transparency to ocean carrier performance.”
With over 20 years of experience in providing shipping management solutions and connections with more than 20 ocean carriers, CargoSmart monitors and analyzes over 16,000 vessels, 1,400 global container terminals, 3,000 ocean carrier services representing 85% of the market, and 10 million sailing schedules. By tapping into its comprehensive database and applying analytics, CargoSmart will enable effective and accurate measurement of ocean carriers’ schedule reliability performance. “CargoSmart and Shanghai Shipping Exchange share a common desire to improve supply chain efficiency and productivity,” said Lionel Louie, chief commercial officer of CargoSmart. “Our cooperation will extend our contributions to the shipping industry.”
“At C.H. Robinson, we are committed to providing a customer-centric and efficient operation that takes customer needs, market conditions and regulations into account for our customers to optimize their supply chains,” said David Tien, Ocean Service Director Global Forwarding Asia, C.H. Robinson. “We are excited that the Shanghai Shipping Exchange will be offering a standardized schedule reliability index that we can benchmark to offer more insightful carrier and route recommendations for our customers.”
Shanghai Shipping Exchange and CargoSmart will establish the index scope and methodology through a joint working group to further develop new insights for the shipping industry.
About C.H. Robinson
At C.H. Robinson, we believe in accelerating global trade to seamlessly deliver the products and goods that drive the world’s economy. Using the strengths of our knowledgeable people, proven processes, and global technology, we help our customers work smarter, not harder. As one of the world’s largest third-party logistics providers (3PL), we provide a broad portfolio of logistics services, fresh produce sourcing and managed services for more than 124,000 customers and 76,000 active contract carriers through our integrated network of offices and more than 15,000 employees. In addition, the company, our Foundation and our employees contribute millions of dollars annually to a variety of organizations. Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been publicly traded on the NASDAQ since 1997. For more information, visit http://www.chrobinson.com or view our company video.
About Shanghai Shipping Exchange
Shanghai Shipping Exchange (https://www.sse.net.cn/home), jointly founded by the Ministry of Transport and Shanghai Municipal People’s Government on November 28 1996 under the approval of the State Council, is the first state-level shipping exchange in China and the founding of the SSE represents a major step taken by the Chinese government to promote and invigorate China’s shipping market and match the construction of Shanghai International Shipping Center.
CargoSmart empowers companies to digitally transform their global supply chains. Leveraging technologies including artificial intelligence, Internet of Things, blockchain, and a deep understanding of ocean shipping, CargoSmart provides innovative solutions for transportation and logistics teams to collaborate, increase visibility, and gain insights to optimize supply chain planning and operations. Founded in 2000 and headquartered in Hong Kong, CargoSmart has helped over 160,000 professionals increase delivery reliability, lower transportation costs, and streamline operations. For more information, please visit www.cargosmart.ai.