OceanConnect and Starsupply Launch Hedging Service

Thursday, June 20, 2002
OceanConnect President Thomas Reilly today announced the launch of a new risk management service aimed at helping shipowners and suppliers protect their profits. "Financial derivatives have become an important tool in the risk management arena. OceanConnect, in partnership with Starsupply Petroleum, will offer the first derivative brokerage service focused exclusively on the world's bunker markets," Reilly said. "Shipowners and suppliers have been asking if OceanConnect can assist with managing their exposure to the volatile marine fuel marketplace. Coupled with OceanConnect's global offering for fuel purchasing, our customers will now have additional benefits," said OceanConnect President Thomas Reilly. "We are proud to be partnering with Starsupply, the leading derivative broker, to develop this offering," Reilly said. C. Michael Bandy, Chairman of OceanConnect's Board of Directors and President of FAMM LLC, said this service is the next step in OceanConnect's evolution. "In fewer than two years, OceanConnect has combined classic marine services with powerful online technology to quickly become one of the world's largest marine fuel brokers. Risk management services are the next logical step in providing a complete fuel solution for marine customers," Bandy said. "OceanConnect's service has consistently proven its value for the Norden fleet on our spot purchasing. The addition of a global bunker risk management offering is another valuable product for ship owners," said Jacob Meldgaard, Vice President at Dampskibsselskabet Norden AS. Norden operates about 60 tankers and bulkers internationally through a mix of owned and chartered tonnage. Rob Ryneveld, president of Starsupply, cited OceanConnect's market leadership as a factor in the decision to begin the partnership. "We see this as an exciting opportunity to grow our business by working with the most innovative and flexible marine fuel service. OceanConnect is quickly becoming an all-inclusive source for the bunker industry, and we look forward to a successful partnership," he said.
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