What types of participants utilize an Online Marketplace?
The Online Marketplace is a hosted solutions platform that allows a single owner of slots to sell to their own customers. The owner of the Online Marketplace (the seller) can be an ocean carrier, an NVOCC or a forwarder. Buyers can be other NVOCCs, freight forwarders or beneficial cargo owners that are invited by the owner to their Online Marketplace.
What trade lanes are operational in an Online Marketplace?
The Online Marketplace has been architected to support the posting and purchasing of slots in all global trade lanes. Each seller determines which trade lanes are posted on their private marketplace (subject applicable restrictions that may apply to trade between countries or involving persons/entities that are prohibited by applicable law).
Is the Online Marketplace compliant with regulations relating to maritime commerce?
Yes. This issue was given very careful consideration during the design and build of the JOC Exchange product offerings. Note that the Online Marketplace will not be offering the possibility of postings or purchase to origin / destination port pairs that are within countries which are subject to trade sanctions ordered by the United Nations or by the United States (where the JOC Exchange is based and under whose legal jurisdiction it operates).
What does the registration process involve for the owner of a Online Marketplace?
A JOC Exchange staff member will contact you to work through the simple registration process. It includes:
- Collection of necessary information about your company
- Verification that your company is an ocean carrier or NVOCC / Forwarder
- Normal credit and background checks to ensure that your company can participate in commerce in the US, Europe, Asia and other locations
- Obtaining agreement to the terms and conditions in the JOC Exchange Service Agreement.
You can begin the registration process by filling out and submitting the online form.
As a seller with an Online Marketplace, how do I upload our sailing schedules into the product?
There are two methods for uploading sailing schedules. This can be done either by completing a pre-formatted template or by working with staff at the JOC Sailings (the online shipping schedule service maintained by The Journal of Commerce) to map an electronic transmission of your sailing schedule files directly into the database. If you are already mapped into JOC Sailings, then the schedule information will be readily available in your Online Marketplace.
Do buyers on the Online Marketplace have to be registered?
Information about the buyers has to be submitted to the JOC Exchange team by the Seller. It is the seller’s responsibility to vet the buyers (i.e., perform any credit and background checks on their buyers). The JOC Exchange’s responsibility is to ensure that the buyers are not on any governmental Denied Party/Specifically Designated Nationals lists.
Are postings and purchases entered into on Online Marketplace binding?
Yes. The act of buying container capacity on the Online Marketplace does not of itself put in place a formal contract between seller and buyer – this is a legal process left to the two parties. However, a condition for participating on the Exchange is that all sellers and buyers commit to following through with a purchase transaction by putting in place a contract that reflects the price terms offered and accepted on the Online Marketplace for the specified sailing(s). Note that the Online Marketplace’s e-contract service can be used to make the process very straightforward and easy. In the U.S. trades, the JOC Exchange is not responsible for the formation, submission and compliance with applicable Federal Maritime Commission rules governing service contracts. UBM Global trade and the JOC Exchange are not parties to any service contract or other transportation agreement that may emanate from the purchase of slots via the JOC Exchange.
If an error is made when making a purchase on the Online Marketplace, can this be reversed?
It is possible, but requires the purchaser to go through a series of steps with JOC Exchange customer service staff. The erroneous purchase must be corrected by cancellation within 30 minutes of the moment a purchase was first made. After this 30 minute period, the purchase is binding.
What is the process if there is any confusion or dispute regarding a transaction on the Online Marketplace?
The Online Marketplace archives the details of all sales and purchases. These details are available to both the buying and selling parties. Any disputes should be able to be resolved by referencing the common transaction number associated with the purchase. Discrepancies beyond this should be resolved by contacting the JOC Exchange customer service.
What sort of activity reporting is available on the Online Marketplace?
Participants will have access to full details of all the transactions that they have entered into while using the Online Marketplace. As a seller, this includes postings, changes to postings, creation and editing of accessorial charges, sales, usage, and missed opportunity reports. As a buyer this includes purchases. This information stays in the system, making the Online Marketplace particularly valuable for reporting and as a system of record for transactions. This information can easily be downloaded into Word, Excel or PDF formats.
As a buyer, can I use the Online Marketplace to purchase capacity from a carrier with whom I have a long-term service contract?
Definitely. The Online Marketplace is designed to more easily facilitate the selling and buying of slots but does not preclude the existence of an outside contract. There is no reason why a buyer cannot purchase these slots while still participating in a long-term contract with the same carrier. However, these channels for obtaining space from that carrier are separate.
How do I get help registering, understanding and using the Online Marketplace?
Fill out and submit this form to begin the registration process. Further questions can be addressed directly by contacting us.
As a corporation, multiple team members will need access to the Online Marketplace. How is this done?
Each person to be granted access to your Online Marketplace will be recorded as part of the new customer intake process. Any changes to the authorized users (removals or new additions) must be managed through JOC Exchange customer service.
Can I use the Online Marketplace for intermodal deliveries?
Currently port to port ocean deliveries are supported. However, we are developing functionality to support intermodal deliveries.