Real Time, On-line Credit Services Offered 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 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. CreditSolutions is a revolutionary product for the marine industry, marrying the technology of the Internet to the needs of users. Credit Solutions acts as a revolving insurance policy for the site. Every transaction conducted on Ocean- 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, offers its customers more value on-line than off-line, according to the company. offers actual credit protection. It is important to note, however, that is not 'offering' credit insurance to its users, rather, it has created a product that has made this insurance available to its customers. Credit Solutions takes the form of a blanket policy (rated "A+XV" by A.M. Best Company), covering all suppliers transacting business on the site. 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. is dedicated to developing information services and e-business instruments to increase transparency and reduce inefficiencies in the marine industry. 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

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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.