HONG KONG (03/27/2000) - Oracle Corp. has teamed up with a major global port operator to create an online exchange for transportation services, the companies announced in a statement yesterday.
Hutchison Port Holdings subsidiary portsnportals.com and Oracle will jointly create the Global Transport eXchange (GTX), aiming to slash costs and delays associated with buying and selling transportation services. The exchange is scheduled to become operational in the third quarter of this year.
Manufacturers, shippers, freight forwarders and logistics companies will be able to participate in GTX, using the exchange to buy and sell shipping, trucking, air freight, rail and other services, as well as logistics.
By giving transportation-related businesses a place on the Internet to contact each other, Oracle and Hutchison intend to streamline the shipping industry, the companies' statement said.
Participating companies that need to make shipments will post their requirements, and transportation providers such as trucking and air freight companies will respond with a price and description of how they can provide the service. Authentication systems will ensure the shipper knows that an authorized provider has put up the bid, according to James Alderton, marketing and alliances director in Oracle's Hong Kong office.
"The idea is a paperless process to conclude the transaction," Alderton said.
Portsnportals.com is the e-commerce division of Hutchison Port Holdings, which operates 18 ports around the world. Hutchison Port Holdings is a division of Hutchison Whampoa Ltd., a major Hong Kong conglomerate.
Portsnportals.com can be reached at +852-2619-6628 or on the Web at http://www.portsnportals.com. Oracle, in Redwood Shores, California, can be reached at +1-650-506-7000 or online at http://www.oracle.com.