CargoSmart, the boxship booking portal, is teaming up with the Shanghai Shipping Exchange, to develop a new shipping index for what they described as “ocean carrier schedule reliability”.

The tie up is at the “memorandum of cooperation” stage with neither side revealing any timetable for the index’s launch.

The two companies said they would “create a new methodology” to calculate schedule reliability for key trade lanes to help shippers “optimize their supply chains” and for the industry as a whole to “improve service quality”.