Shanghai Shipping Exchange and CargoSmart to create ocean carrier schedule index

Shipping index organisation Shanghai Shipping Exchange has teamed up with shipment management software provider CargoSmart to develop a new shipping index for ocean carrier schedule reliability.

The two firms have signed a Memorandum of Cooperation to work together on the creation of a new methodology to calculate schedule reliability for key trade lanes to help shippers optimise their supply chains.

Shanghai Shipping Exchange is a provider of shipping information for the global shipping market, and publishes the China Containerised Freight Index (CCFI) and Shanghai Containerised 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 currently monitors and analyses over 16,000 vessels, 1,400 global container terminals, 3,000 ocean carrier services and 10 million sailing schedules, and will use this database to measure ocean carriers’ schedule reliability performance.

“CargoSmart and Shanghai Shipping Exchange share a common desire to improve supply chain efficiency and productivity. Our cooperation will extend our contributions to the shipping industry,” said Lionel Louie, Chief Commercial Officer at CargoSmart.