Hong Kong and San Jose, CA — Shanghai Shipping Exchange and CargoSmart announced they 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.
Shanghai Shipping Exchange publishes 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.”
CargoSmart monitors and analyzes over 16,000 vessels, 1,400 global container ports, 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.”
“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,” said Kim Guan, Ocean Service Manager of logistics service provider, C.H. Robinson
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.