3 June 2020
– The growing maritime B2B e-commerce platform, Marine Online today, announced that it had surpassed USD100 million in GMV (Gross Merchandise Volume) despite the ongoing global pandemic COVID-19 crisis.
At the beginning of the year, before the crisis took center stage, the company’s GMV was standing at just USD13 Million.
At the peak of the crisis in March, the businesses took just a small hit but were still steadily growing, albeit at a slower pace. The overall business has since picked up consistently from April onwards, and gradually, it has surpassed USD100 million in GMV in June, with bunkering being responsible for a steady portion of the growth, contributing a total of USD83 million.
This represents a massive uplift for the company’s continuous vision towards providing shipowners, marine suppliers, cargo owners, manning agencies, and others, an all-in-one platform that enables them to connect with one another to save time and costs. Marine Online’s core businesses are the seven service categories, which consist of chartering, bunkering, ship supplies, port agencies, crewing, ship sales, and other marine services.
Providing his further input on this, Mr. Yang Ling, the CEO of Marine Online, said: “The global pandemic has forced companies to change their traditional practices of doing business in the maritime industry. When face to face business dealing is no longer an option, we can see the gradual change towards the dependency of digital communication. Riding on this change, our business units worked hard to convince shipowners that our e-platform can help them to save time and costs via marine matching and group buy bunkering, for example. At the beginning of the crisis, we were experiencing similar uncertainties like any other business, but we never stop believing in our vision. Surpassing USD100 million to me, is just a beginning, as we work towards being a game-changer in the maritime industry.”
COO Mr. Tiger Cai added: “We are very fortunate that our global shipowner alliance members have given us their support during this challenging period. Thus far, we have over 20 members on our alliance, and we are constantly trying to innovate to help shipowners to reduce their costs. The bunkering group buy, for example, is an activity of consolidating volume for bunker purchases. With that great volume, we can thus negotiate with the supplier to secure a better bunker price. That has greatly helped shipowners in reducing the cost, and in return, bunkering became our biggest growth.”