FMC authorizes ocean carriers to serve on NYSHEX board
A recent Federal Maritime Commission (FMC) agreement has authorized ocean carriers CMA CGM, Hapag-Lloyd, Mitsui O.S.K. (MOL) Lines and COSCO Shipping to potentially serve on the board of digital shipping rate contracting technology company the New York Shipping Exchange (NYSHEX).
The NYSHEX board has nine positions, the company told American Shipper, of which two will be occupied by ocean carriers and two by shippers at all times. The board makeup is designed to follow best practice for exchanges, where there is equal representation from interested parties. It’s not yet been decided how long members will serve on the board.
Carrier board members will participate in board meetings and discussions relevant to management at NYSHEX.
More specifically, the carriers “are authorized to carry out the management, development, modification, marketing, and operation of NYSHEX, and are authorized to discuss and agree on all aspects of the structure, authority, corporate governance, management, development, marketing and operation of NYSHEX, and related matters, including, but not limited to, the capitalization, ownership, initial and subsequent stock subscriptions, management, administration, staffing, and facilities of NYSHEX,” the FMC agreement stated。
The soonest the agreement would come into effect is Dec. 2, after a 45-day comment period, the FMC noted.