Real Time, On-line Credit Services Offered

www.OceanConnect.com As credit has long been an issue in bunker transactions in the marine industry, one of the industry's leading e-commerce prov iders has created a proposed solution.

Over the past four months, OceanConnect.corn's customers repeatedly asked if OceanConnect.com could provide real-time, online credit services. Realtime, global credit insurance never existed before. It had to be invented. It is the advent of the Internet that makes it possible. OceanConnect.com CreditSolutions is a revolutionary product for the marine industry, marrying the technology of the Internet to the needs of users.

OceanConnect.com Credit Solutions acts as a revolving insurance policy for the OceanConnect.com site. Every transaction conducted on Ocean- Connect.com has the potential to be insured under the policy limits. This real-time credit product will allow buyers and sellers to take advantage of market opportunities by enabling suppliers to respond to buyers' inquiries unimpeded by credit considerations. By offering credit protection for bunker transactions closed on-site, OceanConnect.com offers its customers more value on-line than off-line, according to the company. OceanConnect.com offers actual credit protection. It is important to note, however, that OceanConnect.com is not 'offering' credit insurance to its users, rather, it has created a product that has made this insurance available to its customers.

OceanConnect.com Credit Solutions takes the form of a blanket policy (rated "A+XV" by A.M. Best Company), covering all suppliers transacting business on the OceanConnect.com site. OceanConnect.com is the policyholder and the suppliers are the insured parties.

Each vessel owner can use $1 million of transaction protection, which is insured by the third party policy.

OceanConnect.com is dedicated to developing information services and e-business instruments to increase transparency and reduce inefficiencies in the marine industry. OceanConnect.com Credit Solutions is a testament to its continuing commitment to be the Marine Industry Resource, created for the industry and by the industry.

Maritime Reporter Magazine, page 14,  Feb 2001 web-based procurement application

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.