On-line auction for ship spares

ShipX is the name of a new Internet auction site for shipping. It is intended to help maximise trading value of used and surplus assets in the global maritime community. ShipX was launched in February 2010, to offer a new service to sellers, traders, brokers and buyers.

The developers say that online auctions are successfully used in many other industries, and with increased ship breaking and a new focus on liquidation of surplus stock to improve cash flow, the new site offers the opportunity of maximising asset value in a competitive bidding environment. Both sellers and buyers are said to benefit from optimal allocation of these assets.

ShipX is claimed to allow sellers to expand their market and maximise the price at a reasonable cost. A maximum cost of sale is assured with the No Sale, No Fee policy. The auction fee is 3%, to a maximum of $990, only if the auction is successful. There is no membership fee for either sellers or buyers.

Sellers receive a listing on a website with global reach, which is said to be visited by more than 84.000 shipping users each month, and active online marketing. The market price of used and surplus assets is determined through an online auction, known to maximise selling price in an auditable and efficient process.

Buyers can use ShipX to:

· Find and buy assets at good value

· Find new trading partners

· Receive email notification when assets are posted

· Use escrow to reduce transaction risk

ShipX is a Norwegian company founded by Hakon Rostad. He is a naval architect and has worked for DNV, Stolt Parcel Tankers, Wilhelmsen Maritime Services as well as Telenor Marlink. While at Marlink, he led development of the IMPA electronic trading standard format, which has since evolved to the Maritime eCommerce Association which is currently widely used for trading ship supplies.