OceanConnect.com, the independent online marketplace for the purchase and sale of marine fuels, products and services introduced an innovative feature called OceanConnect.com Credit Solutions. Through the website, up to $1 million of credit protection could be available per ship owner closing business on the OceanConnect.com site.
OceanConnect.com Credit Solutions provides the opportunity for suppliers to be covered for losses due to insolvency or default by buyers. Coverage is provided by an underwriter rated "A+XV" by A.M. Best Company.
When an auction is created, available coverage is calculated instantly and can be viewed by buyers and invited suppliers on the auction monitor. OceanConnect.com Credit Solutions provides benefits to both suppliers and buyers alike. Suppliers can expand their customer base, conclude deals with buyers over their traditional credit limits, reduce administrative costs, and decrease the overall risk of doing business. Buyers benefit by gaining access to an expanded base of suppliers, resulting in more competitive pricing. "In order to succeed, an e-commerce company must provide value substantially greater than that available by traditional means," said OceanConnect.com President Tom Reilly.
"OceanConnect.com Credit Solutions enables our users to take advantage of attractive market opportunities in real-time and can help solve the long-standing credit concerns of buyers and suppliers." OceanConnect.com Credit Solutions is the first of many new products and services planned for 2001. "OceanConnect.com understands the needs of its customers, and quickly translates those needs into products that add value. Many of our site enhancements have been developed in response to customer feedback. OceanConnect.com Credit Solutions is no exception. Our mission is to develop a website for the industry and by the industry, and we continue to stand by that philosophy," said Tom Reilly.
OceanConnect.com launched its online bunker auction platform in July 2000. Since that time, it has become the premier site for online marine fuels transactions. In addition to serving as The Marine Industry ReSource, OceanConnect.com offers users specially developed content including industry news and analysis from strategic partner Petroleum Argus, commentary from industry expert Michael J. Marco
, and daily bunker pricing from H. Clarkson and Company Limited.