Shipping index organization Shanghai Shipping Exchange has joined forces with management software solutions provider CargoSmart Limited to develop a new index for ocean carrier schedule reliability.
Working together under the Memorandum of Cooperation, the two sides will aim to create new methodology to calculate schedule reliability for trade lanes to help shippers optimize their supply chains.
Shanghai Shipping Exchange is already providing shipping information for the global market with the publishing of 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,” Yao Weifu, Vice President of Shanghai Shipping Exchange, said.
“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,” Kim Guan, Ocean Service Manager of logistics service provider, C.H. Robinson, said.
Shanghai Shipping Exchange and CargoSmart added that they would establish the index scope and methodology through a joint working group to further develop new insights.