The portal is currently on a test-launch for more than a month and claims to provide a single window online trading platform for international maritime transactions and services.

The company currently has 170 subscribed members and intends to have around 3,000 members by June, 2001, Shippingstop.com, director and CEO, Gopal Saxena said. The subscription to the portal, which is currently free upto December as part of the new launch, would be $ 50 per annum, he added.

Commencing the business with an initial seed capital $1 million with a few international investors, the business plan of the portal is currently undergoing a validation by Ernst and Young. This is likely to be completed by December 2000. The Ruias of Essar are one of the promoters in the portal and Essar Shipping has provided the domain experience, Mr Saxena said. The portal has joined hands with Tata Infotech as technology partners, who may also pick up a stake after the validation is over, he said.

The portal would provide an exchange module, enabling commercial transactions in chartering, sale & purchase of vessels and procurement & sale of spares. The revenue model was based on transaction fees, virtual store fronts, commissions and subscriptions, he said.

The portal is expected to break-even by 2001-2002 and is targeting a revenue of $ 50 million from its fifth year of operations. The portal expects to take a leadership position in providing e-business opportunities to the global maritime industry directly valued at $100 billion, he said.