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By Eric Johnson
The New York Shipping Exchange (NYSHEX) said Tuesday it has received $8.5 million in Series A funding from a coalition of capital firms led by Goldman Sachs Principle Strategic Investments and GE Ventures.
NYSHEX is a digital exchange that enables shippers, freight forwarders and ocean carriers to engage in the consummation of forward freight contracts. The goal of the exchange is to get both parties in a transaction to agree to mutually enforceable contracts that penalize either side for failing to live up to the terms of the contract, using the industry’s standard contract format.