OceanConnect, Boosted by Alliances, Achieves Million-ton Milestone

Thursday, August 30, 2001
OceanConnect.com, the global online marketplace for the purchase and sale of marine fuels, announced that the company has reached the million-ton milestone for bunkers sold by offering the only comprehensive online and offline bunker purchasing system.

Neptune Orient Lines Ltd (NOL), one of the world's largest container shipping lines, created the transaction that put OceanConnect over the top.

Their enquiry generated fourteen bids by four suppliers and closed online with Fuel and Marine Marketing LLC (FAMM). Each company was proud to be part of OceanConnect's historic milestone. "We were excited that our auction accounted for OceanConnect's millionth ton. Their service saves us time and money, and is the best platform for bunker purchasing. We have seen the value of the service, and look forward to using the site in the future," said Simon Wan, NOL Technical Service Manager. The deal's closing price came in underneath the market's average low for that day.

"It is fitting that OceanConnect achieved this milestone with Neptune Orient Lines Ltd (NOL), who is on the forefront of using technology to optimize efficiencies and costs," OceanConnect President Tom Reilly said. "In July, more than eight out of ten enquiries placed on OceanConnect were closed on OceanConnect. That's proof that our business model is working. Buyers and suppliers are finding the best available deal on our site, and we're beating every one of our sales goals," OceanConnect President Tom Reilly said.

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