A Bermuda-headquartered company has launched the world's first Internet-based total marine procurement system.

PrimeSupplier Limited's new offering makes all products and services needed for marine operations available virtually anytime, anyplace and at the lowest cost.

The system enables ship operators to electronically select, purchase and arrange delivery for all their needs for fuel, consumables, spare parts and services.

The company employs a proprietary supplier and price database to manage procurement and transportation.

PrimeSupplier Ltd. builds on a proven electronic marine procurement system developed by Stolt-Nielsen S.A. over the past five years. It, together with Optimum Logistics Ltd., is the second independent business-to-business e-commerce enterprise established by Stolt-Nielsen S.A. this year.

PrimeSupplier's principal offering, SeaSupplier, currently serves 135 ships for seven ship operators and last year processed more than 40,000 transactions worth $150 million.

It will include a multi-channel logistics system specially designed to address the complex transportation and logistics challenges faced by ship operators in managing their inventories and supply chains.

SeaSupplier enables ship operators to obtain the lowest delivered costs by capitalising on consortium contract purchasing, competitive spot quoting and consolidated freight management.

The highly automated system is designed to reduce total transaction costs for suppliers and purchasers alike.

Jacob B. Stolt-Nielsen, Chief Executive Officer of PrimeSupplier Ltd., said: "We know very well the need to lower ship operating costs without reducing standards. Intelligent material management is an important part of cost control.

"Through SeaSupplier, we have achieved substantial savings for ship operators. By automating and optimising the purchasing and delivery process, SeaSupplier enables suppliers to preserve their margins while lowering the delivered cost.

"PrimeSupplier Ltd. offers ship operators and suppliers a completely integrated, proven system that manages the entire buying process from requisition through invoice payment. The system is unique, reliable and immediately available for new customers.''