OceanConnect.com Accomplishes Premiere Bunker Transaction
August 2, 2000
OceanConnect.com completed its first auction - just 72 hours subsequent to going "live" in Rotterdam/ARA. In its first week of operation alone, the site recorded 361,825 hits from more than 12 countries and four continents. The broker-initiated transaction included six Rotterdam suppliers, (both majors and independents) - lasted 15 minutes - resulting in a price well below that day's market lows.
Officially launched in Rotterdam/ARA on July 25, the site had its first piece of action three days later when a broker logged on to create a reverse auction for fuel oil and diesel for delivery August 2. The broker then selected six bidders from OceanConnect's list of port suppliers - and upon setting the bid increments at $0.25 - sent the reverse auction process in motion.
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