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Hutchison, Oracle Forge B2B Transportation Exchange

Taking aim at the $800 billion global freight field, Hutchison Port Holdings and Oracle Corp. Monday created the the first worldwide online marketplace for the transportation services community.

The Global Transport Exchange (GTX) is the new joint venture between Portsnportals.com, the e-commerce operations of HPH, and Oracle (ORCL). As part of the deal, Hutchison and Oracle will plunk down $100 million in the new entity, with the port firm owning 90 percent. Oracle will hold the remaining 10 percent with an option to purchase an additional 5 percent.

Based on Oracle's marketplace platform, GTX will allow buyers and sellers of transportation services to deal over the Net. GTX will cater to communities of shippers, freight forwarders, manufacturers, logistics companies and other B2B exchanges. HPH operates 18 ports in Asia, Europe, and the Americas, along with a number of transportation related service companies.

"Customers will be able to access the global GTX marketplace 24 hours a day, 365 days a year and they will be able to buy or sell transport capacity of any volume and any value at any time over the Internet," said John Meredith, group managing director of HPH. "The cost efficiencies of paperless, real-time transactions provided by the GTX marketplace will be significant and add to the bottom line profitability of our customers."