WO2001031530A1

WO2001031530A1 - Delayed match notification system

Info

Publication number: WO2001031530A1
Application number: PCT/US2000/012922
Authority: WO
Inventors: Ho Gyun Son
Original assignee: Ho Gyun Son
Priority date: 1999-10-25
Filing date: 2000-05-11
Publication date: 2001-05-03
Also published as: AU4840100A

Abstract

This application relates to a delayed match notification system (100) that identifies and automatically notifies potential counter parties to a transaction in response to criteria specified by each party, thereby permitting the counter parties to negotiate the final terms and/or details of the transaction.

Description

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE DELAYED MATCH NOTIFICATION SYSTEM

This application is a continuation-in-part of prior U.S. patent application Serial No. 60/161, 324, filed October 25, 1999, which is incorporated in its entirety.

BACKGROUND OF THE INVENTION The present invention relates to a delayed match notification system that identifies and automatically notifies potential counter parties to a transaction in response to criteria specified by each party, thereby permitting the counter parties to negotiate the final terms and/or details of the transaction. More particularly, this invention provides a delayed match notification system for use in the emerging deregulated maritime transportation and cargo market. The present invention compliments the current maritime transportation industry's basic infrastructure by providing an innovative pricing structure and an orderly process for continuously trading ships and cargo between the ship owners and shippers/charterers. The system of the present invention is a breakthrough in the maritime transportation market in that it provides an orderly trading environment that ensures market liquidity and competitive pricing in the maritime transportation industry.

The maritime transportation market is growing as worldwide commodity and products trading volume grows. Ship owners seek cargo and fleet employment opportunities to maximize their profits while shippers and traders look for the least expensive ship owners with a reliable, high quality commercial fleet. At present, there is no centralized market place for the bringing the ship owners and shippers/charterers together for trading ships and cargo. Market players have been trading their ship and cargo through approximately 10,000 brokers' channels that are highly fragmented and dispersed geographically. This traditional global shipping market, which has not changed in over a century, results in market imperfection and inefficiency for the transportation industry. The brokers' function is generally limited by its nature to the dispersal of information and the brokers mainly rely on their individual initiations and relationships. Also, the cost of such broker transaction is high, typically each transaction incurs commission cost of approximately five percent (5%) of the gross revenues. Additionally, the inefficient flow of information in the current market place increases the transaction cost for each market player.

As shown in Fig. 3, the maritime transportation industry is currently comprised of approximately twenty thousand active market players, e.g., ship owners, shippers, traders, and brokers. Although, these market players are dispersed globally, there is no centralized trading exchange or organization to bring these players together. They must rely on individual relationship and business contracts to initiate and complete the transactions.

Typically, the ship owners, shippers and traders have their own exclusive brokers who search for suitable ships or cargo on their behalf. The ship owners and charterers (shippers and traders) send their requirements to their exclusive brokers by facsimile, telex, or e-mail. The brokers then send facsimile, telex, e-mail to other brokers to find suitable ships or cargo. These activities continue until the brokers find a suitable ship or cargo meeting the principal's requirement. Each broker typically earns about 1.25 percent of gross revenue as a commission for completing transaction. Often, two or three brokers may be involved in a transaction. This inefficient and conventional commission based trading practice has led to a chaotic and imperfect market.

Accordingly, the present invention addresses these problems by providing an efficient, centralized, global and real-time maritime trading exchange or environment, such as www.MaritimeExchange.com. The global maritime trading exchange of the present invention provides worldwide positions of ships and tonnage requirements, thereby enabling the market participants to easily access the maritime market information and trade knowledgeably based on such market information.

The present invention is a novel web based system offers real time information for ship and cargo trading market that is easily accessible by owners and charterers. The owner and charterers can find the information about the market and conduct their transactions using the centralized, global and real-time maritime trading exchange. The centralized, global trading exchange of the present invention enables the market players to post their requirements on a real time basis using a Web site, such as www.MaritimeExchange.com; obtain information regarding the available vessels and cargoes on a real time basis; and matches the posted requirements on a real time basis using an automated information distribution system that preserves the confidentiality of the parties and the transaction.

OBJECTS AND SUMMARY OF THE INVENTION Therefore, it is an object of the present invention to provide an enhanced, simple, delayed match notification system that ensures market stability and reliability in various broker markets, such as maritime transportation market, car market, real- estate market, spare parts market and the like. The present delayed match notification system receives posting with specific requirements from market players (such as from buyers/purchasers and sellers/providers), matches the buyers and sellers requirements, and transmits notification messages to corresponding buyers and sellers if a match is found.

In accordance with another object of the present invention, the matched buyer(s) and seller(s) may meet in an on-line trade or chat room to finalize their transaction, thereby eliminating the need to resort to off-line communication mechanism to finalize the negotiation, such as a conventional fax, telex, e-mail, regular mail, and the like.

Unlike the current conventional broker system, the delayed match notification system requires the authorized market players post their specific requirement only once to continuously search for a matching party (i.e., matching requirements). The delayed match notification system notifies the posting parties when a matching requirement is located, thereby eliminating the inefficiencies and imperfections associated with the current market.

A further object of the present invention is to provide a system which automates the current broker market system, such as transportation market, used cars market, real estate market, spare parts market, and other types of commodities market requiring a broker to complete the transaction based on objective criteria and subjective criteria which are not standardized and/or easily quantifiable.

It is yet another object of the present invention to provide a delayed match notification system that enables users to receive suitable transactional information and to enter expressions of interest with respect to a type of transaction, thereby enabling the users to continuously participate in the market without a broker or devoting their entire time monitoring the market.

It is still another object of the present invention to provide a delayed match notification system which identifies parties who has potential requirements in transacting business and place these parties in communication with one another.

For example, the posting parties in the maritime transportation market do not need to spend their time seeking suitable cargo or ship through uncertain broker's channels using the delayed match notification system of the present invention. The delayed match notification system of the present invention is simple to operate, highly flexible and easily scalable to accommodate numerous ship owners and traders, thereby keeping the market operation simple and efficient for the ship owners and traders.

Furthermore, the delayed match notification system of the present invention provides a framework for matching posting parties without automatically executing their transactions. That is, the system may reserve the final decision to execute any matching transaction to the trader.

Accordingly, the delayed match notification system of the present invention identifies or matches the posting parties in accordance with the criteria specified by each user, and notifies the matching parties so they can negotiate the final terms and/or details of the transaction. Preferably, the posting parties may specify filtering criteria to be used the delayed match notification system.

An embodiment of the present invention includes a matching real time data; a web site accessible by a plurality of remote users for entering transaction data; and a communications network for notifying and exchanging interests between the potential matching parties. The matching system matches the posting parties to a transaction based on their transaction data specifying their requirements.

A method of identifying required data to a transaction according to the present invention includes the steps of receiving transaction data from a plurality of users; searching the transaction data using the criteria specified in posted data to identify potential parties meeting the requirements of the posted data; notifying the posting parties of a potential match to a transaction; and enabling the posting parties to negotiate the terms of the transaction.

Various other objects of the present invention will become readily apparent from the ensuing detailed description of the drawings. BRIEF DESCRIPTION OF THE DRAWINGS

The following detailed description, given by way of example, and not intended to limit the present invention solely thereto, will be best be understood in conjunction with the accompanying drawings:

Fig. 1 is a flow chart illustrating the operation of the delayed match^' notification system of the present invention;

Fig. 2 is a block diagram of one embodiment of the delayed match notification system of the present invention; Fig. 3 is a block diagram illustrating the current market system;

Fig. 4 is a screen image of ship requirements posting menu;

Fig. 5 is a screen image of cargo requirements posting menu;

Fig. 6 is a screen image of a sample ship requirements;

Fig. 7 is a screen image of a sample cargo requirements; Fig. 8 is a screen image of a ship posting data;

Fig. 9 is a screen image of a cargo posting data;

Fig. 10 is a screen image of the match notification; and

Fig. 11 is a screen image of a trade room.

DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS

The present invention is readily implemented by presently available communication apparatuses and electronic components. The invention finds ready application in virtually all communications system, including but not limited to the Internet, private or public telecommunication networks, satellite networks, cable networks, wireless network or other online global broadcast networks. Turning now to Fig. 2, there is illustrated an embodiment of the delayed match notification system of the present invention which includes a delayed match notification system 100, preferably a web-based server, a plurality of remote terminals representing sellers 120, such as ship owners, operators, etc., and buyers 110, such as charters, shippers, traders, etc. It is appreciated that remote terminals may include, but not limited to, PCs, personal digital assistants (PDAs), or any network access device. Also, the sellers 120 and buyers 110 may use the system 100 via brokers 130. The sellers 120 and buyers 110 connect to the system 100 directly or remotely via world wide web (Internet) and post data consisting of specific selling and buying requirements, respectively. Preferably, the system 100 contemplates a plurality of posting data utilizing web access whereby a large number of users may simultaneously access the delayed match notification system 100. Although, the flow chart of Fig. 1 describes the operation of the delayed match notification system of the present invention with only two posting parties (a seller and a buyer), it is appreciated that the present invention can accommodate a plurality of buyers and sellers.

Preferably, the delayed match notification system stores the posted data in a database (or a database system) (not shown) to provide off-line storage that can be easily retrievable. The system 100 may be connected to the database through an online network. Upon completion of the posting procedures by users (i.e., buyers 110 and sellers 120), the system 100 identifies a matching posted data. For example, if the buyer enters or posts data with specific buying requirements, the system 100 identifies a seller whose selling requirements matches the buyer's requirements. Once the system 100 finds matching requirements, the system 100 automatically notifies the matching buyer(s) and seller(s). It is appreciated that the system 100 may find more than one suitable buyer or seller. These automated matching and notification operations are performed (processed) on a real time basis.

However, if the posted data does not match with any of existing data, the posted data remains in the system for a predetermined period of time, until the transaction has been finalized by the matching parties, or until the transaction expires.

The matching and notification operation will be described in further detail below with reference to Figs. 3-10. Fig. 1 provides a flow chart which illustrates the overall operation of the delayed match notification system according to the present invention shown in Fig. 2. The matching and notification operations are performed using a software module or component. Although, the delayed match notification system 100 is described in reference to the maritime transportation market, the system 100 can accommodate any broker market, such as a used car market, a real-estate market, spare parts market, etc.

INITIAL AND MATCHING OPERATION

Each user (buyer or seller) posts requirements using the delayed match notification system 100. Preferably, the system 100 may represent a server on the Internet, wherein the user may post its requirements, such as ship or cargo requirements. For example, a seller 120 (i.e., a ship owner) may be presented with a ship requirements posting menu of Fig. 4, wherein the ship owner provides information regarding its vessel, as shown in Fig. 6. Preferably, the information can be separated into two categories: mandatory (required) and optional. For example, as shown in Figs. 4 and 6, the mandatory information may comprise delivery position (range) information, delivery position (port) information, type of vessel information, summer salt water dead weight (SSDWT) information, range of delivery date, lifting capacity, vessel's age, etc. The optional information may comprise summer draft information, length overall (LOA) information, cargo capacity, gross/net registered tonnage (GRT/NRT) information, speed, consumption, bare boat charter/higher purchase (BBC BBHP) availability information, gear type information, number of gears, etc.

A buyer 110 (i.e., a shipper) may be presented with a cargo requirements posting menu of Fig. 5, wherein the shipper provides information regarding its cargo, as shown in Fig. 7. Preferably, the information also can be separated into two categories: mandatory (required) and optional. For example, as shown in Figs. 5 and 7, the mandatory information may comprise delivery position (range) information, delivery position (port) information, type of vessel required, SSDWT information, range of delivery date, age limit of the vessel, gear capacity requirement, etc. The optional information may comprise delivery destination (range) information, type of cargo, age limit of the vessel, required gear type, gear capacity requirement, charterer information, etc.

The system 100 uploads the user's posted data and formats the buyer's and seller's data as shown in Figs. 9 and 8, respectively. It is noted that the seller's data of Fig. 8 was posted (stored) on October 24, 1999 at 8:54:21 PM and the buyer's data of Fig. 9 was posted on October 24, 1999 at 9:02:27 PM. The system additionally stores the formatted data in the database (not shown). The system 100 then searches the database for a match (i.e., pre-existing data) based on the mandatory information of the posted data. In other words, if a shipper (i.e., a buyer) posts data consisting of cargo requirements, the system 100 searches the database for a ship owner (i.e., a seller) with a vessel matching the posted cargo requirements of the shipper. When a match is found, the system 100 notifies either party or both parties. Preferably, the system 100 notifies the party having requirements satisfying (or matching) the requirements of the newly posting party. In other words, in the above example, the system 100 sends the matching notification message of Fig. 10 to the ship owner with a vessel matching the posted cargo requirements of the shipper. As shown in Fig. 10, the system 100 generates the matching notification message immediately after the matching data was posted by the shipper (shipper posted the data on October 24, 1999 at 9:02:27 and the system 100 transmitted the notification message to the shipper on October 24, 1999 at 9:02 PM). Each party receiving the matching notification message may contact the posting party to finalize the transaction at its discretion, i.e., the newly posted transaction data is attractive. The transaction may be finalized by the parties privately via off-line (communication with each other via mail, e-mail, fax and the like) or in an online negotiating room (or trade room). It is appreciated that the party receiving the notification message is not obligated to contact the posting party to finalize the transaction.

The delayed match notification system 100 may comprise a matching and notification software module. The matching software searches the database to find pre-existing posted data matching or satisfying the requirements of the newly posted data. If a match is found, then the matching software sends the pre-existing posted data matching the newly posted data (hereinafter referred to as the matched data) to the notification software module (or system). However, if a match is not found, then the newly posted data is stored in the database as pre-existing posted data, wherein it will be matched with forthcoming newly posted data. AUTOMATED NOTIFICATION OPERATION The notification software notifies the party having the matched data so as to permit the parties to finalize the transaction. If the transaction is finalized, then the matching software removes (deletes) the corresponding data from the database. The notification software (or system) initiates the process of generating the matching notification message when the matched data (or signal) is received from the matching software (or system). In one embodiment of the present invention, the notification system identifies mailing address (e-mail address, facsimile or the like) of the parties who posted the requirements and transmits the matching notification message, preferably a formatted message, to the parties who posted the requirements. The matching notification message includes sufficient information regarding the counter party so as to enable the party to contact the counter party directly to finalize the transaction (i.e., negotiations).

NEGOTIATION The counter parties can finalize their transaction via off-line using telephone, regular mail, facsimile and other comparable means. Preferably, the delayed match notification system of the present invention includes a trade or chat room, wherein the counter parties can finalize their transactions on a real-time basis via a secured, private on-line communication medium. In one embodiment of the present invention, each counter party may communicate with each other using a display window 500, as shown in Fig. 11, to finalize the transaction. Preferably, each party can upload or download any information or documents viewable by both parties for use in the negotiation to the chat room, such contract, invoice, charter party terms and conditions, etc. As discussed herein, in one embodiment of the present invention, the delayed match notification system matches the parties (or posted data) based on criteria, position, date and time, type and size of ship/cargo as specified by each user. The delayed match notification system according to the present invention may accommodate a range of broker markets (i.e., transaction involving a broker) from markets involving highly specified instruments to markets involving loosely or subjectively defined instruments. Unlike the present invention, current trading systems cannot accommodate the subjectively defined instruments because they do not provide the necessary personalized negotiation opportunities. While the present invention has been particularly described with respect to the illustrated embodiment, it will be appreciated that various alterations, modifications and adaptations may be made on the present disclosure, and are intended to be within the scope of the present invention. It is intended that the appended claims be interpreted as including the embodiment discussed above, those various alternatives, which have been described, and all equivalents thereto.

Claims

WHAT IS CLAIMED:

1. A delayed match notification system for identifying and notifying potential counter parties to a transaction over a communication network, comprising: a processor for identifying and notifying potential counter parties to said transaction; and a plurality of terminals for entering transaction data by parties and transmitting said transaction data to said processor over the communication network; wherein said processor compares the transaction data to identify said potential counter parties based on matching transaction data and generates notification messages to said counter parties, thereby enabling said counter parties to negotiate and complete said transaction.

2. The system of claim 1, wherein said notification messages to said counter parties do not obligate parties to said transaction.

3. The system of claim 1, wherein each transaction data includes information identifying the party and transactional requirement for matching transaction data.

4. The system of claim 3, wherein said notification messages includes information identifying said counter parties.

5. The system of claim 1, further comprising a storage device for storing said transaction data.

6. The system of claim 5, wherein said transaction data is stored for predetermined period of time or until the expiration or completion of said transaction.

7. The system of claim 6, wherein said processor compares a newly entered transaction data to said stored transaction data to identify said potential counter parties.

8. The system of claim 3, wherein said transaction involves trading ships and cargoes, and said transactional requirement includes ship owner's requirement or cargo shipper's requirement.

9. The system of claim 3, wherein said transaction involves trading real estate.

10. The system of claim 3, wherein said transaction involves trading cars.

11. The system of claim 3, wherein said transaction involves trading spare parts.

12. The system of claim 3, wherein said transactional requirement includes objective criteria.

13. The system of claim 1, wherein the communication network is an Internet and said processor is a server on said Internet; and wherein said server includes a secured, private on-line communication medium for enabling said counter parties to negotiate and complete said transaction.

14. A delayed match notification method for identifying and notifying potential counter parties to a transaction over a communication network, comprising the steps of: receiving transaction data from a plurality of parties over the communication network; comparing the transaction data to identify potential counter parties based on matching transaction data generating notification messages to said counter parties, thereby enabling said counter parties to negotiate and complete said transaction.

15. The method of claim 14, wherein said notification messages to said counter parties do not obligate parties to said transaction.

16. The method of claim 14, wherein each transaction data includes information identifying the party and transactional requirement for matching transaction data.

17. The method of claim 16, wherein said notification messages includes information identifying said counter parties.

18. The method of claiml4, further comprising the step of storing said transaction data.

19. The method of claim 18, wherein said transaction data is stored for predetermined period of time or until the expiration or completion of said transaction.

20. The method of claim 18, wherein the step of comparing compares a newly entered transaction data to said stored transaction data to identify said potential counter parties.

21. The method of claim 16, wherein said transactional requirement includes objective criteria.