NEWARK, N.J., Jan. 27, 2011 /PRNewswire/ -- UBM through UBM Global Trade announces a container slot e-marketplace being launched by its subsidiary, JOC Exchange (www.jocexchange.com). This intelligent online technology automates how the global ocean freight community is able to buy and sell available spot market container slots.
The online marketplaces are hosted by UBM in the "cloud" and will be accessible to global sellers and buyers of containerized ocean capacity who wish to post and sell available slot inventory via intuitive workflows.
Containerized ocean transport is a $200B industry and approximately 140 million TEU (Twenty-Foot Equivalent Unit) containers are transported by vessel, annually.
In bringing forward both private label and multi-seller e-marketplaces this quarter, UBM Global Trade is bringing to market greater transparency and liquidity for both ocean carriers and NVOCCs (Non-Vessel Operating Common Carrier). JOC Exchange is in discussion with a number of carriers and NVOCCs who are interested in this technology to make the selling and buying process faster, less labor intensive, and more efficient from a billing and documentation standpoint.
John Day, CEO of UBM Global Trade, said:
"UBM Global Trade's mission is to serve the global transportation markets with a range of information, data and services that enable that market to operate effectively and efficiently for the benefit of all participants. We look forward to taking JOC Exchange, an ingenious technology backed by the formidable resources of UBM, and bringing forward an effective set of solutions to the complex processes surrounding the selling and buying of available container slots. The JOC Exchange, in conjunction with our Journal of Commerce and PIERS businesses, presents a portfolio of information, publications, conferences and highly efficient transactional tools to serve the maritime industry."
Mark Storen, CEO of JOC Exchange, said:
"There is a growing interest and focus on spot market transactions in the ocean transportation sector. The commitment of UBM Global Trade will enable us to offer and deliver this technology on a global basis, allowing quick adoption of the service and providing liquidity for sellers and buyers. We look forward to pursuing an aggressive growth strategy and continuing to develop e-commerce product offerings to meet the evolving needs of the transportation sector."
JOC Exchange (www.jocexchange.com) is headquartered in Denver, Colo. and will be opening multiple satellite offices in Europe and Asia in 2011.
About UBM Global Trade
UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS Global Intelligence Solutions and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-223-0243 (+1-973-848-7250 outside the U.S. or Canada).
SOURCE UBM Global Trade