OceanConnect.com announces launch of online system for bunker sales

Jul 17, 2000 02:00 AM

OceanConnect.com, the e-commerce marketplace for the purchase and sale of ship products and services, announced it will launch the online system for bunker sales in Rotterdam.
"The technology is in place and the buyers and sellers have been trained. We are ready to go," said Tom Reilly, President of OceanConnect.com from the company's headquarters in White Plains, NY. "We chose Rotterdam as our initial launch site because of the high number of both buyers and suppliers present in the area." OceanConnect.com users - buyers, sellers, brokers, traders - will be able to buy and sell bunkers using transactions ranging from simple sealed bids to reverse auctions. Benefits to users include greater market liquidity and transparency leading to lower fuel prices for buyers, and more customers for suppliers.
It is expected that most opening day transactions will be reverse auctions initiated by buyers. Once they have logged onto OceanConnect.com, the buyers will be able to set the time of the auction,duration, product specifications, bid increments and who may participate. Some half dozen Rotterdam suppliers have registered to participate in opening day trading.
"Bunkers and e-commerce. The future is here," said Goris Vermeulen, Managing Director, Frisol Bunkering, a major Rotterdam supplier." A strong organisation like OceanConnect.com cannot be ignored." OceanConnect.com is expected to generate wide interest among ship owners. "OceanConnect.com has been very well thought out by professionals who understand and are committed to the marine bunker business," said Cor Brongers, managing director of North Sea Holdings. "We believe OceanConnect.com will enjoy long-term success."

Equity partners in OceanConnect.com include Eletson, Fuel and Marine Marketing, Keystone Shipping, Shell Marine, Clarksons, Stena Bulk, BP Marine, Nippon Mitsubishi Oil and Marubeni International Petroleum (Singapore). Industry information provider Petroleum Argus is a strategic partner.
OceanConnect.com is an independent marine marketplace open to everyone. All buyers and suppliers have an equal advantage.
After its launch in Rotterdam, the service will quickly become available in Singapore, Fujairah and the US Gulf Coast. Industry analysts estimate that at least 25 % of the world's bunkers will be sold over the Internet by the year 2003.
OceanConnect.com is the global Internet market space for the marine industry offering marine fuels, products and services. Operating as an open, transparent and independent e-commerce marketplace, it is open to all buyers and sellers. Other investors include BP Marine (a wholly owned division of BP Amoco), Fuel and Marine Marketing (a joint venture between Texaco and Chevron in the marine fuels and lubricants business); and Shell Marine Products (a wholly owned subsidiary of the Shell).

Source: Business Wire via Newspage
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