Bulknet.com Gets Backing For Internet Site

Friday, March 31, 2000
The chief executive of Bulknet.com will shortly close a $25-$30 million round of financing for his month-old Internet site, which he hopes will dominate online bookings for chemicals shipping. Mark Bitting said the financing, following an initial round that raised less than $1 million, should give the company a big head start on Internet competitors hoping to capture some of the multi-billion dollar chemical shipping market.

"We're the only ones in this industry that have attacked e-commerce," he said, but added that he expects steep competition down the road given the number of other "dot-com" companies out there putting money into systems.

The company has signed up 41 of the largest U.S. tank truck carriers to use its site so far, including Groendyke, Liquid Transport Corp., Matlack Systems Inc., Miller Transporters, Quality Carriers and Trimac Corp.

Bitting said those six companies represent more than $1.5 billion in annual bulk transportation services.

He is now aiming to enlist the top 50 chemical companies, adding he is currently negotiating with more than a dozen.

So far, it has signed up Sunoco Inc. to use its services, which allow shippers and carriers to negotiate anonymously for each other's business through a neutral marketplace.

The company is also studying whether to expand from North America into Europe, specifically into shipping in England, Holland, France and Switzerland.

In addition to its shipping marketplace, Bulknet.com allows companies to access vendors selling a range of industry-related equipment and purchases. It also has a classified advertising section posting jobs, real estate, and used equipment.

Bulknet.com charges fees for its site and collects eight percent of the line haul revenue. Bitting, who spent 18 years in the chemical business, said that while the set-up would work for other industries that rely heavily on shipping, "we are going to stay with chemicals initially."

He added that an initial public offering of the company is possible, however there are no plans in the near future to take it public. "There is a great concern on my part about going public too fast," he said. "I want to approach an IPO at a later date."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

Wood Group Bags Statoil MSA

Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore  and onshore facilities. Work and

Subsea 7 Awarded $1bn Wind Farm Offshore UK Deal

Subsea 7 S.A. informed today the details of the major(1) contract award that was first announced on 20 May 2016 . The contract was awarded by Beatrice Offshore Windfarm Limited (BOWL)(2),

Contracts

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Wood Group Bags Statoil MSA

Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore  and onshore facilities. Work and

Russian Shipbuilder Wins $1 bln Iran Oil Rig Deal

Russian shipbuilder Krasnye Barrikady has been awarded a near-$1 billion contract by Iran to build five offshore drilling rigs for use on Iran's part of the Gulf shelf,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0778 sec (13 req/sec)