Shanghai Shipping Exchange and CargoSmart, a 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.
“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.”
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.