2001 Maritime
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August 30, 2001

Online bunkering site passes million ton mark
OceanConnect.com, the online marine fuels marketplace says it has reached the million-ton milestone for bunkers.

Neptune Orient Lines Ltd (NOL), one of the world’s largest container shipping lines, created the transaction that put OceanConnect over the top. Its inquiry generated fourteen bids by four suppliers and closed online with Fuel and Marine Marketing LLC (FAMM).

"We were excited that our auction accounted for OceanConnect’s millionth ton," said NOL technical service manager Simon Wan, H said that the OceanConnect service "saves us time and money, and is the best platform for bunker purchasing. We have seen the value of the service, and look forward to using the site in the future.".

The deal’s closing price came in underneath the market’s average low for that day.

"It is fitting that OceanConnect achieved this milestone with Neptune Orient Lines Ltd (NOL), who is on the forefront of using technology to optimize efficiencies and costs," OceanConnect president Tom Reilly said.

"In July, more than eight out of ten enquiries placed on OceanConnect were closed on OceanConnect. That’s proof that our business model is working. Buyers and suppliers are finding the best available deal on our site, and we’re beating every one of our sales goals," he continued.

OceanConnect launched its online bunker auction platform in July 2000. OceanConnect has a joint marketing and services agreement with Clarksons Bunker Group that means that buyers who wish to may utilize the services of a recognized traditional broker while enjoying the benefits of online purchasing. In addition, OceanConnect offers online credit insurance at no additional cost.

 

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