OSLO, Norway, June 14, 2001 (PRIMEZONE) -- Since the end of May, MarineProvider has concluded bunker purchases from Frontline with a total value of $1.65 million through its online collaboration with OceanConnect.com.
MarineProvider's newly appointed Senior Product Manager for Bunkers & Lubricants, Dag Nyrud (formerly with BP Marine) has been working closely with Frontline's bunker purchase department to increase trading on-line via OceanConnect.com, the global e-commerce site for the purchase and sale of marine fuels, products and services.
"We have seen live trades which were concluded at prices below market average price," said Collin Lewis, CEO of MarineProvider. "Our customers are seeing clear benefits from online trading, which is ultimately impacting on their bottom line through transparency." Lewis stressed that orders were not always won by the oil majors -- "Many independents are maintaining existing and indeed winning new business."
According to Tom Reilly, CEO of OceanConnect.com, most of the auctions have been fast and furious, lasting 30 minutes with bidding becoming "very hot" in the last five minutes. "A typical transaction involves five to eight suppliers competing for the business in an open exchange," added Mr. Reilly.
The strategic alliance between MarineProvider and OceanConnect.com, initiated in February this year, is now a well-established relationship with employees of both companies working closely together. The partnership creates a win-win situation for both Exchanges, as well as for their respective customers and investors.
MarineProvider, headquartered in Oslo, is a highly secure and neutral Internet-based e-procurement marketplace for the maritime industry. MarineProvider has offices in the U.S., the Netherlands, and Hong Kong, and has partnership agreements with third-party supply-chain, credit and insurance companies, as well as other complementary marketplaces worldwide.
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