The New York Shipping Exchange (NYSHEX), a leading innovator in digital contracting and performance management for the container shipping industry, has announced the first close of its Series C funding round. This milestone round is led by Collate Capital and supported by key existing investors, including Growth Equity at Goldman Sachs Alternatives, NewRoad Capital, and Blumberg Capital. Intercontinental Exchange (ICE), a global leader in exchange operations, also joined the round, marking the beginning of a strategic collaboration to launch freight rate indices for the shipping sector.
As part of this partnership, NYSHEX plans to roll out a series of freight rate indices in 2025, with ICE serving as the calculation agent. Leveraging ICE’s deep expertise in global markets, these indices aim to bring enhanced transparency and credibility to the container shipping industry.
Gordon Downes, CEO and co-founder of NYSHEX, expressed excitement about the funding and partnership. “The completion of our Series C round and the addition of ICE as a shareholder mark pivotal moments for NYSHEX. This collaboration enables us to expand our services significantly. In 2025, we’ll introduce new indices based on real cargo movement rates, governed transparently by industry representatives and freely accessible for carriers, shippers, and NVOCCs. Additionally, we’ll launch advanced technology to simplify the management of index-linked contracts, regardless of the chosen index.”
Zach Fields, an investor with Growth Equity at Goldman Sachs Alternatives, highlighted the growing need for index-linked contracts in a volatile container shipping market. “As the industry evolves toward index-linked contracts, robust indices are crucial for managing spot rate volatility. We fully support NYSHEX’s efforts to provide tools that benefit shippers, carriers, and NVOCCs in managing freight risk.”
Stuart Williams, COO of ICE, emphasized the significance of this partnership in addressing inefficiencies in global trade. “Container shipping is vital to global commerce but remains a volatile and inefficient market. For over 20 years, ICE has developed interconnected markets that provide price transparency and risk management tools. Our recent launch of ICE Digital Trade (IDT) and this partnership with NYSHEX are further steps toward supporting the global shipping industry and mitigating supply chain risks.”
The Series C funding and collaboration with ICE position NYSHEX for accelerated growth and innovation. By introducing tools to manage market volatility, the partnership is set to enhance visibility, efficiency, and stability across the container shipping sector.
Mark Weaver, Managing Partner at Collate Capital, praised NYSHEX for its strategic execution. “NYSHEX has consistently demonstrated its ability to execute on its vision and play a transformative role in the container shipping industry. The launch of the NYSHEX indices, supported by ICE, represents a groundbreaking advancement that will serve both NYSHEX’s members and the broader industry.”
This strategic move underscores NYSHEX’s commitment to delivering innovative solutions that address critical challenges in the global shipping ecosystem.