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Source2Sea launches digital marine procurement marketplace

Source2Sea, an independent start-up founded and funded by the Wrist Group, is a new digital marketplace that streamlines marine procurement and supply between maritime buyers and suppliers to improve trading efficiency, convenience, and transparency.

Designed from the ground up with input from industry players keen to eliminate the friction that still plagues marine procurement and supply, the new Source2Sea marketplace delivers efficiency, convenience, and transparency for both buyers and suppliers.

Now, crews can use customer-tailored online product catalogues to see exactly what they order and will receive onboard. Fleet managers have full flexibility in setting the rules for who may order what onboard and onshore. Suppliers confirm availability and delivery time. All securely, seamlessly, and in real time and with the simplicity and automation that we are used to when shopping online ashore: what you click, specify, and order online is what you get upon delivery.

“For people outside the shipping industry who are accustomed to online shopping, this might not sound like innovation”, said Wrist Group CEO Jens Holger Nielsen. ”But for those of us who work in maritime procurement and supply, this is a game-changer. Crews at sea will now be able to order anything they need onboard – literally everything from soup to engine spares – as simply as consumers order goods online. The platform allows a move away from printed catalogues, request for quotes, waiting for POs, buyers and sellers struggling to get the right products with the right specs timely and accurately.”

“We realised early in the development process that the scope of this marketplace is wider than Wrist. Source2Sea adds value for all stakeholders across the supply and value chains. We have been in this industry for almost seven decades and want to build a solution for the existing industry players that leaves no one out. Everybody will benefit from the marketplace while maintaining control of their own business. Wrist Ship Supply will, of course, be a supplier to the platform both in terms of products and logistics services. While building the Source2Sea organisation, we worked with BCG Digital Ventures for more than a year to develop the strategy and business model, and are now finalising the first version of the platform,” explained Jens Holger Nielsen. “We have involved a wide spectrum of users to develop a cloud-based, brand-agnostic marketplace that works equally well for any buyer and supplier. And that is why Source2Sea is a separate legal entity with its own management, offices, latest-generation backend and frontend systems, and commercial agenda.”

Source2Sea CEO Mikael Weis will be responsible for taking the new marketplace to market. ”The shipping industry has been slow to join the digital transformation party,” he said, ”but now that broadband satellite connectivity is becoming ubiquitous, things are changing fast. Source2Sea’s digitalisation of marine procurement and supply reduces complexity for buyers and sellers alike, enables improved cost through greater efficiency, and will improve the quality of life for thousands of seafarers around the globe.”

Source2Sea launches its digital marketplace on 15 December 2021. Weis invites all interested companies to get in touch.

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