Buying: Buying by auction
How will I know when an interesting asset is put up for sale?
We recommend that you utilize our Auction Notification service, where you can enter search words that will trigger automatic notification. You can also sign up to receive our weekly email updates.

I need to inspect the assets. How can I contact the seller?
You will find the seller name on the auction page. By clicking on the link, a new window will open with seller contact details.

Place your bid
You must be logged in as a buyer to bid. Press "Place bid" to go to the bid confirmation page where you may review and confirm your bid.

By bidding, you are demonstrating an intention and financial ability to complete the transaction. All bids are in US dollars.

A quantity input field will appear if there are multiple items that may be sold separately.

Proxy (max) bid
A proxy bid is your maximum bid. ShipX will raise your bid with the minimum possible amount as required to secure your purchase. Benefits of Proxy bidding:
  • Proxy bidding gives you the flexibility of not having to monitor the action every minute. ShipX will improve your bid as required up to your maximum amount.
  • When two maximum bids are equal, the bid submitted earlier stays in the lead.
  • Rest assured that your Proxy bid is not revealed to either seller or other buyers

  • If you use Proxy bidding, your initial bid will be raised to meet the sellers Reserve Price if there is one, and to meet later bids placed by other bidders, but never above the Proxy amount.

    Tracking bids
    If you are following the bidding, please use the "Refresh" button on your browser to ensure that you are viewing the latest bids. Bids from any bidder will be public information, displayed in the bidding history.

    When logged in, your bids will be marked with yellow background colour. If you click "My bids" you will find an overview of your bids in ongoing auctions, as well as recently closed auctions. Leading bids are green, while red bids indicate that you are not in the lead.

    ShipX will send you these automatic emails during bidding:
  • Bid confirmation
  • Overbid notification
  • Order confirmation, for winning bids
  • Please note that emails may be delayed or lost when transmitted on the Internet.

    Auction rules
    When the auction ends, the highest valid bid will be the winning bid if it meets the Seller Reserve Price, and automatically create a purchase order.

    During bidding, later bids must improve earlier bids by the minimum bid increment.

    Leading bids may be Proxy bids, although no indication of this is given to other bidders. A Proxy bid will beat later bids with the same amount, as it is an earlier bid. Later bids must improve a Proxy bid by the minimum bid increment to lead

    In multi-item auctions, bidders must place a bid that meets the bid increment for the initial quantity requested. When closing, bidders may receive some or all of the initial quantity.

    The Auction period is set by the seller, who determines Open and Close date/time. The server time is GMT. The actual closing time is extended by 10 minutes if bids are received in the last 10 minutes before a auction is to close, to give all bidders some time to respond.

    Reserve price
    Some auctions have a reserve price (that is, a hidden minimum price) on their item.
  • A reserve price is the minimum price a seller is willing to accept for the item.
  • As a buyer, you are not shown the reserve price, only whether the reserve has been met.
  • Any Proxy bid will be utilized to meet the reserve price if possible.

  • Raising a bid
    If you choose to raise your bid, you are effectively placing a new bid. If you have already placed a bid, you will improve your existing bid, and will not compete against yourself.

    Bid increment
    The bid increment is the amount by which a bid will be raised each time the current bid is outdone. It is set according to the value of the object.

    If you are bidding against another bidder's older proxy bid, your bid has to meet the other bidder's proxy bid plus the bid increment to become the current high bidder on the item.

    Note: A bidder may be outbid by less than a full increment. This would happen if the winning bidder's proxy is placed before the second highest bidder, and the second highest bidder is not high enough to raise the current bid with the bid increment.

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    • ShipX AS co
      20 Upper Circular Road
      The Riverwalk 04-04
      Singapore 058416

      Phone: +65 6557 2305