OceanConnect Announces New Equity Partner

Friday, October 12, 2001
Booz Allen Hamilton concludes that OC is bringing efficiencies to the marine industry. OceanConnect.com, the global marketplace for the purchase and sale of marine fuels, today that management and technology consultancy Booz Allen Hamilton has entered into a letter of intent to become an equity partner in OceanConnect. The announcement follows OceanConnect's news that it has reached the million-ton milestone for bunkers sold.

"In our work with oil and gas companies, we have seen how the introduction of new business channels such as OceanConnect can lead to advantaged supply chain management and back office integration. After reviewing their performance record and product development plans, we've concluded that OceanConnect is the company that will bring these efficiencies to the marine industry," Booz Allen Vice President Viren Doshi said.

"We are honored that Booz Allen has decided to join the OceanConnect family of equity owners. Their decision is an encouraging vote of confidence in OceanConnect. As the leader in strategic consulting, Booz Allen will add a valuable dimension to our already-diverse equity base," OceanConnect President Tom Reilly said.

OceanConnect's joint marketing and services agreement with Clarksons Bunker Group guarantees that buyers who wish to may utilize the services of a world-class traditional broker while enjoying the benefits of online purchasing. In addition, OceanConnect offers online credit insurance at no extra cost. E-procurement site MarineProvider AS routes bunker enquiries to OceanConnect as part of their total solution for maritime purchasing. Market information available on the site includes daily bunker pricing from H. Clarkson & Co., Ltd., the latest news from Telemarine, weekly bunker market reports from Cockett Marine Oil Ltd, commentary from industry expert Michael J. Marco, forward price indications from Sempra Energy and average price charts from Petroleum Argus. New products in development will provide even greater savings, significantly reducing operating costs for the entire industry.

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