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PRESS RELEASE

For Immediate Release: 07 Jun 2000



OCEANCONNECT.COM OPENS DEMONSTRATION SITE


Buyers, Sellers, Brokers and Traders Will Be Able to Familiarize Themselves with the Transaction Process before Service Launches This Summer

PIRAEUS, GREECE, June 7 - OceanConnect.com, the e-commerce site for the purchase and sale of marine fuels and products, today announced it will open its demonstration site to users on June 13. The announcement was made here at Posidonia 2000: The International Shipping Exhibition. 

The demonstration site will enable users to familiarize themselves with the transaction process. Once comfortable with the process, users will be able to migrate to the actual transaction site when it goes live this summer.  

"Users will discover that OceanConnect.com is very easy to use, yet provides volumes of real-time information and supports a wide range of transactions from simple sealed bids to reverse auctions," explained Tom Reilly, president of OceanConnect.com. "During 'Beta' testing, users were extremely enthusiastic. Many of their suggestions have been incorporated to make the site even friendlier." 

The demonstration site will enable buyers and sellers to conduct practice transactions without any commitment to complete 'the deals.' Buyers, for example, will be able to set the date, time and duration of reverse auctions, select auction participants, input product specifications, set bid increments, watch real-time bidding and select a winning bid. Likewise, sellers will be able to simulate the bidding process. Companies that register with OceanConnect.com will also have access to an online tutorial. 

OceanConnect.com was originally a joint venture among BP Amoco, Fuel and Marine Marketing (FAMM: a joint venture of Texaco and Chevron), and Shell Marine Products. Since its foundation in November, major shipping, brokerage and oil companies, such as, Eletson Corporation, Keystone Shipping Company, Stena Bulk AB, Clarksons and Nippon Mitsubishi Oil Corporation (NMOC) have become equity partners. 

OceanConnect.com also has a strategic alliance with Petroleum Argus, the world's leading independent information provider in the international energy market. Additional equity partnerships are pending and will be announced shortly. 

User Benefits

OceanConnect.com's independent and transparent marketplace is designed to offer a host of benefits to users. For example, by logging onto the site, buyers can monitor recent market trends. By having access to all of a port's suppliers, rather than just a few, buyers can increase their supplier base and negotiate better prices. 

Likewise, sellers using OceanConnect.com can increase their customer base as well as their volumes. Brokers will benefit from access to the latest global market intelligence. In addition to its market advantages, OceanConnect.com provides all users with significant productivity improvements. OceanConnect.com also supplies marine and energy industry content from authoritative sources such as Petroleum Argus. 

OceanConnect.com's business model differs from its competitors in several important ways. It is completely independent and open to all buyers, sellers, brokers and traders. As a result, buyers, suppliers, brokers and traders receive equal treatment. 

"Judging by the interest and enthusiasm we have experienced so far, we believe our user base will grow rapidly," said Mr. Reilly. "OceanConnect.com was designed by the shipping industry for the shipping industry. It offers the finest technology designed with the help of some of the leading companies in the shipping industry." 

OceanConnect.com's initial transactions will be for delivery in the Antwerp-Rotterdam-Amsterdam (ARA) region. From there, service will expand to Singapore and North America. 

For access to the OceanConnect.com demonstration site, contact Ed Brady in the U.S. at (914) 253-7654 or via e-mail: Ebrady@OceanConnect.com 

OceanConnect.com is the global Internet marketspace for the marine industry offering marine fuels, products and services. Operating as an open, transparent and independent e-commerce marketplace, it is open to all buyers and sellers. Other investors include BP Marine (a wholly owned division of BP Amoco Plc.) Fuel and Marine Marketing LLC (a joint venture between Texaco and Chevron in the marine fuels and lubricants business); and Shell Marine Products (a wholly owned subsidiary of the Royal Dutch/ Shell Group of Companies). Except for historical information, the matters discussed in this news release contain forward-looking statements. For more information about OceanConnect.com contact Kathleen Neville at (914) 253-4373, call toll free at 1 (877) 778 0065. 


  CONTACT

Kathleen Neville,
OceanConnect.com

Ansi Vallens,
Shandwick International

Telephone

1 877-778-0065

1 646-658-8109

E-mail

kneville@OceanConnect.com

avallens@Shandwick.com

Web

www.OceanConnect.com

www.shandwick.com

Address

OceanConnect.com - Americas
2000 Westchester Avenue
White Plains, NY 10650
USA


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