Tokyo, July 15, 2002 - (JCN Newswire) - CoalinQ Corporation ( http://www.coalinq.com/), set up by ITOCHU Corporation with Nissho Iwai, and Marubeni, has been developed to provide a unique e-commerce platform for coal business with many valuable features. Since CoalinQ started promotion work for registered membership and service operations of information and e-commerce February 2001, it has been making solid achievements that assist CoalinQ members in pursuing coal marketing and purchasing.
As a pioneer of e-business in coal industry, CoalinQ is widely supported by industrial parties at home and abroad. With more than 150 registered company members (approx. 800 users) and over 1.1 million tons of cumulative total volume transacted by June 2002 for major coal users such as Chubu Electric Power Co., Inc., Tohoku Electric Power Co., Inc. in Japan and Korea South-East Power Co., CoalinQ has achieved robust growth and development, becoming the largest website operation of information service and e-commerce in Asian countries. It is ensured that more coal users in the power utilities, steel and general industries will make use of CoalinQ for spot coal purchase under the changing trade practice and business circumstances in this year and onwards.
Especially in the first half of JFY2001, the spot coal volume purchased in the tender process was relatively smaller than that of usual years mainly due to supply tightness and slowing economic growth at home. However, in this fiscal year CoalinQ is sure to develop its function to target at 3.0 million ton transaction through CoalinQ e-commerce tools because (1) the spot coal price has been declining since late CY2001 (2) the standardized coal requirement (ex. spec coal) is enhanced (3) wider variety, more flexible and shorter term of coal purchasing practice are required (4) annual negotiation for JFY2002 term contract took longer months to reach final settlement (5) CoalinQ function and usability are well acknowledged. As 10-15% of total steam coal demand in Japan/Korea Republic will likely be shifted to e-commerce spot purchase practice, CoalinQ has set achievable goal for the near future at 10 million ton per annual.
CoalinQ increased its capital double to 300 million Japanese Yen in April 2002 by allocation of new shares equally to existing shareholders. Reflecting various comments from trade members, we have completed top page renewal with more daily information and upgrading e-trading functions and will further improve usability and effectiveness for spec coal purchase in the near future. Besides, we are promoting 'CoalinQ Index', a fair and open spot coal price index newly representing Asian market, and developing 'CoalinQ Shipping Manager', a system to support the shipping and administrative work after a sales contract is fixed.
Your comments and feedbacks are always welcome. By taking them into account and phasing along with the coal market transformation, CoalinQ will continue to develop as an unprecedentedly useful marketplace.
About ITOCHU
ITOCHU Corporation is one of Japan's leading trading companies and is engaged in a wide variety of businesses, including textiles, machinery, aerospace, information technology, multimedia, metals, energy, chemicals, forest products, food, retail, financial services and so forth. Itochu maintains over 130 offices around the world and owns over 640 subsidiaries and affiliates. Itochu aims to build new profit-making strategies and adding new functions in order to become more global, and to foster businesses in new fields. For more information, please visit www.itochu.co.jp.
Contact:
Itochu Corporation
Naoki Kitajima, Media Relations
kitajima-n@itochu.co.jp
81 3 3497 7293
July 15, 2002
Source: ITOCHU
ITOCHU (TSE: 8001)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: New Service
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