Michael J Marco News

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…

OceanConnect.com, the global e-commerce marketplace for the purchase and sale of marine fuels and products, began operations on July 25 as the first step in a 90-day launch period. Initial transactions will be for delivery in the Rotterdam/ARA area (The Netherlands). Transactions for delivery in Singapore, Fujairah, and the U.S. will follow shortly. At the conclusion of the launch period, OceanConnect.com will be able to facilitate transactions from simple bids to reverse auctions, blind bids, swaps, futures and derivatives. Principal benefits to buyers will include greater market liquidity and productivity improvements. Suppliers, meanwhile, can significantly improve their market base.

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.