This startup likens themselves to a ‘Property Guru for vessels’

Mr Eric Chean (left) and Mr Timothy Ong (right) at the finals of the University Startup World Cup in Denmark. Photo credit: University Startup World Cup.

These days, there is an online platform for everything, but 26-year-old Singaporeans, Eric Chean and Timothy Ong, found there was none for the maritime industry. This heralded the beginnings of Marine Nexus.

Co-founded by the pair, the growing startup was launched in March this year, and is an online platform that connects buyers, sellers, and charterers of offshore support vessels and other marine assets around the world.

A one-stop platform for marine assets

According to Eric, who likens his platform to a “PropertyGuru for vessels,” the lack of a one-stop platform to connect buyers to suppliers of marine assets was the impetus for Marine Nexus.

“Our industry is very traditional and it is quite tedious to find the vessels that you want for your jobs,” he says. “There is no single directory, no Agoda or Skyscanner for these kind of ships, unlike what you have for hotels, properties, and airline ticketing. Companies would have to do a lot of travelling and fly to countries to attend tradeshows to meet with potential clients.”

The final-year accountancy student at the Singapore Management University (SMU) has over five years of experience working in the maritime industry. He is the founder of shipbroking business, Oceanus Offshore, which he set up in 2012 after completing a year-long stint at a Saudi marine firm in Dubai.

Helping companies during tough times

Eric hopes the platform will help companies during the ongoing downturn of the offshore oil and gas sector, which has seen a drop in demand for offshore vessel services.

“As many companies are unable to realize their profits even after cutting easy costs, they are more willing to engage in new cost-effective ways of online marketing,” he said. “Marine Nexus gives them a way to optimize their efficiency and reach out to a bigger pool of potential clients, without having to travel to tradeshows as much.”

Buyers or charterers can search Marine Nexus for assets of their choice and liaise directly with vessel brokers or vessel owners, who can put up listings on the site for free. The platform then matches buyers and sellers at no charge.

The future of the startup

Marine Nexus has currently listed close to 400 vessels from more than 65 companies in Asia and the Middle East. The platform sees more than 1,000 visitors every month, and over 100 matches between potential buyers and sellers have been made since its launch.

Marine Nexus has currently listed close to 400 vessels from more than 65 companies.

Because the startup does not involve itself in the transaction process, it earns revenue from advertising on the platform and partnerships with select companies.

While Eric declined to discuss expansion plans in detail, he did mention their current focus is on growing the startup’s presence in markets such as the Middle East, West Africa, and the Caspian Sea.

Marine Nexus, has also inked a major deal with Malaysian offshore marine services specialist and logistics provider, Satumarin. This allows the startup’s global clients to connect to services offered by the Malaysian firm.

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