<PAGE>

                                                                 Exhibit 10.40.1



THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH SALE
OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.
--------------------------------------------------------------------------------

Warrant No. C-1                                      Number of Shares:  5,000
Date of Issuance: August 20, 1999                    (subject to adjustment)


                                iShip.com, Inc.

                         Common Stock Purchase Warrant
                         -----------------------------

     iShip.com, Inc., a Washington corporation (the "Company"), for value
                                                     -------
received, hereby certifies that Imperial Bancorp or its registered assigns (the
"Registered Holder"), is entitled, subject to the terms set forth below, to
 -----------------
purchase from the Company, at any time after the date hereof and on or before
the Expiration Date (as defined in Section 6 below), up to 5,000 shares (as
adjusted from time to time pursuant to the provisions of this Warrant) of Common
Stock of the Company, at a purchase price of the lesser of (i) $5.00 per share
and (ii) the price per share received by the Company in the Next Financing.  As
used herein, "Next Financing" means the transaction or series of related
transactions after the date hereof in which the Company first sells its shares
of its capital stock for aggregate consideration of not less than one million
dollars ($1,000,000).  The shares purchasable upon exercise of this Warrant and
the purchase price per share shall be adjusted from time to time pursuant to the
provisions of this Warrant and are hereinafter referred to as the "Warrant
                                                                   -------
Stock" and the "Purchase Price," respectively.
                --------------

     1.   Exercise.
          --------

          (a) Time of Exercise.  This Warrant shall be exercisable:  (i) after
              ----------------
the closing of the initial public offering of the Company's Common Stock
pursuant to a registration statement under the Securities Act of 1933, as
amended (ii) immediately prior to the consummation of the sale, conveyance,
disposal, or encumbrance of all or substantially all of the Company's property
or business or the Company's merger into or consolidation with any other
corporation (other than a wholly-owned subsidiary corporation) or any other
transaction or series of related transactions in which more than fifty percent
(50%) of the voting power of the Company is disposed of (other than a merger
effected exclusively for the purpose of changing the domicile of the Company),
or (iii) with the written consent of the Company.

          (b) Manner of Exercise.  This Warrant may be exercised by the
              ------------------
Registered Holder, in whole or in part, by surrendering this Warrant, with the
purchase form appended hereto as Exhibit A duly executed by such Registered
                                 ---------
Holder or by such Registered Holder's duly authorized attorney, at the principal
office of the Company, or at such other office or agency
<PAGE>

as the Company may designate, accompanied by payment in full of the Purchase
Price payable in respect of the number of shares of Warrant Stock purchased upon
such exercise. The Purchase Price may be paid by cash, check, wire transfer or
by the surrender of promissory notes or other instruments representing
indebtedness of the Company to the Registered Holder.

          (c) Effective Time of Exercise.  Each exercise of this Warrant shall
              --------------------------
be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant shall have been surrendered to the Company as
provided in Section 1(a) above.  At such time, the person or persons in whose
name or names any certificates for Warrant Stock shall be issuable upon such
exercise as provided in Section 1(d) below shall be deemed to have become the
holder or holders of record of the Warrant Stock represented by such
certificates.

          (d) Net Issue Exercise.
              ------------------

              (i)  In lieu of exercising this Warrant in the manner provided
above in Section 1(a), the Registered Holder may elect to receive shares equal
to the value of this Warrant (or the portion thereof being canceled) by
surrender of this Warrant at the principal office of the Company together with
notice of such election in which event the Company shall issue to holder a
number of shares of Common Stock computed using the following formula:

                   X =   Y (A - B)
                         ---------
                             A

Where     X = The number of shares of Common Stock to be issued to the
               Registered Holder.

          Y = The number of shares of Common Stock purchasable under this
               Warrant (at the date of such calculation).

          A = The fair market value of one share of Common Stock (at the date of
               such calculation).

          B = The Purchase Price (as adjusted to the date of such calculation).

              (ii) For purposes of this Section 1(c), the fair market value of
one share of Common Stock on the date of calculation shall mean:

                   (A)  if the exercise is in connection with an initial public
offering of the Company's Common Stock, and if the Company's Registration
Statement relating to such public offering has been declared effective by the
Securities and Exchange Commission, then the fair market value per share of
Common Stock shall be the initial "Price to Public" specified in the final
prospectus with respect to the offering;

                   (B)  if this Warrant is exercised after, and not in
connection with, the Company's initial public offering, and if the Company's
Common Stock is traded on a securities exchange or The Nasdaq Stock Market or
actively traded over-the-counter:

                                      -2-
<PAGE>

                        (1)  if the Company's Common Stock is traded on a
securities exchange or The Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing prices over a thirty (30) day period
ending three days before date of calculation; or

                        (2)  if the Company's Common Stock is actively traded
over-the-counter, the fair market value shall be deemed to be the average of the
closing bid or sales price (whichever is applicable) over the thirty (30) day
period ending three days before the date of calculation; or

                   (C)  if neither (A) nor (B) is applicable, the fair market
value shall be at the highest price per share which the Company could obtain on
the date of calculation from a willing buyer (not a current employee or
director) for shares of Common Stock sold by the Company, from authorized but
unissued shares, as determined in good faith by the Board of Directors, unless
the Company is at such time subject to an acquisition as described in Section
5(b) below, in which case the fair market value per share of Common Stock shall
be deemed to be the value of the consideration per share received by the holders
of such stock pursuant to such acquisition.

          (d) Delivery to Holder.  As soon as practicable after the exercise of
              ------------------
this Warrant in whole or in part, and in any event within ten (10) days
thereafter, the Company at its expense will cause to be issued in the name of,
and delivered to, the Registered Holder, or as such Holder (upon payment by such
Holder of any applicable transfer taxes) may direct:

              (i)  a certificate or certificates for the number of shares of
Warrant Stock to which such Registered Holder shall be entitled, and

              (ii) in case such exercise is in part only, a new warrant or
warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of shares of Warrant Stock equal (without
giving effect to any adjustment therein) to the number of such shares called for
on the face of this Warrant minus the number of such shares purchased by the
Registered Holder upon such exercise as provided in Section 1(a) above.

     2.   Adjustments.
          -----------

          (a)  Stock Splits and Dividends.  If outstanding shares of the
               --------------------------
Company's Common Stock shall be subdivided into a greater number of shares or a
dividend in Common Stock shall be paid in respect of Common Stock, the Purchase
Price in effect immediately prior to such subdivision or at the record date of
such dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number of
shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased.  When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of

                                      -3-
<PAGE>

this Warrant immediately prior to such adjustment, multiplied by the Purchase
Price in effect immediately prior to such adjustment, by (ii) the Purchase Price
in effect immediately after such adjustment.

          (b) Reclassification, Reorganization or Acquisition. In case there
              -----------------------------------------------
occurs, on or after the date hereof, (i) any reclassification or change of the
outstanding securities of the Company or of any reorganization of the Company
(or any other corporation the stock or securities of which are at the time
receivable upon the exercise of this Warrant) or any similar corporate
reorganization, (ii) a merger or consolidation of the Company or similar
acquisition transaction as a result of which shareholders of the Company
immediately prior to such acquisition possess a minority of the voting power of
the acquiring entity immediately following such transaction, or (iii) the sale
of all or substantially all of the Company's properties and assets to any other
person, then and in each such case the Registered Holder, upon the exercise
hereof at any time after the consummation of such reclassification, change,
reorganization, merger or sale, shall be entitled to receive, in lieu of the
stock or other securities and property receivable upon the exercise hereof prior
to such consummation, the stock or other securities or property to which such
holder would have been entitled upon such consummation if such holder had
exercised this Warrant immediately prior thereto, all subject to further
adjustment pursuant to the provisions of this Section 2.

          (c) Adjustment Certificate.  When any adjustment is required to be
              ----------------------
made in the Warrant Stock or the Purchase Price pursuant to this Section 2, the
Company shall promptly mail to the Registered Holder a certificate setting forth
(i) a brief statement of the facts requiring such adjustment, (ii) the Purchase
Price after such adjustment and (iii) the kind and amount of stock or other
securities or property into which this Warrant shall be exercisable after such
adjustment.

     3.   Transfers.
          ---------

          (a) Unregistered Security.  Each holder of this Warrant acknowledges
              ---------------------
that this Warrant and the Warrant Stock have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and agrees not to
                                         --------------
sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant or any Warrant Stock issued upon its exercise in the absence of (i) an
effective registration statement under the Act as to this Warrant or such
Warrant Stock and registration or qualification of this Warrant or such Warrant
Stock under any applicable U.S. federal or state securities law then in effect
or (ii) an opinion of counsel, satisfactory to the Company, that such
registration and qualification are not required.  Each certificate or other
instrument for Warrant Stock issued upon the exercise of this Warrant shall bear
a legend substantially to the foregoing effect.

          (b) Transferability. Subject to the provisions of Section 3(a) hereof,
              ---------------
this Warrant and all rights hereunder are transferable: (i) to an assignee of
the Registered Holder's interest in that certain Loan and Security Agreement
between the Registered Holder and the Company dated as of the date hereof; or
(ii) with the consent of the Company, which consent shall not be unreasonably
withheld, to any other individual or entity; provided that in either case
                                             --------

                                      -4-
<PAGE>

any assignee shall be bound by the terms hereof. Notwithstanding the foregoing,
this Warrant may not be transferred to any individual or entity engaged in any
business that competes with any business of the Company, and any purported
transfer to a such an individual or entity shall be void. A permitted transfer
of this Warrant shall be effected by surrendering the Warrant with a properly
executed assignment (in the form of Exhibit B hereto) at the principal office of
                                    ---------
the Company.  This Warrant may not be transferred in part.

          (c) Warrant Register.   The Company will maintain a register
              ----------------
containing the names and addresses of the Registered Holders of this Warrant.
Until any transfer of this Warrant is made in the warrant register, the Company
may treat the Registered Holder of this Warrant as the absolute owner hereof for
all purposes; provided, however, that if this Warrant is properly assigned in
              --------  -------
blank, the Company may (but shall not be required to) treat the bearer hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.  Any Registered Holder may change such Registered Holder's address as
shown on the warrant register by written notice to the Company requesting such
change.

     4.   Representations and Warranties of Holder.  The Registered Holder
          ----------------------------------------
hereby represents and warrants to the Company as follows:

          (a)  Purchase Entirely for Own Account. The Registered Holder
               ---------------------------------
acknowledges that this Warrant is given to the Registered Holder in reliance
upon the Registered Holder's representation to the Company, which by its
acceptance of this Warrant the Registered Holder hereby confirms, that the
Warrant, and the Warrant Shares (collectively, the "Securities") being acquired
                                                    ----------
by the Registered Holder are being acquired for investment for the Registered
Holder's own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and that the Registered Holder has
no present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, the Registered Holder
further represents that the Registered Holder does not presently have any
contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with
respect to any of the Securities. The Registered Holder represents that it has
full power and authority to enter into this Agreement. The Registered Holder has
not been formed for the specific purpose of acquiring any of the Securities.

          (b)  Disclosure of Information.  The Registered Holder has had an
               -------------------------
opportunity to discuss the Company's business, management, financial affairs and
the terms and conditions of the offering of the Securities with the Company's
management and has had an opportunity to review the Company's facilities. The
Registered Holder understands that such discussions, as well as the written
information issued by the Company, were intended to describe the aspects of the
Company's business which it believes to be material.

          (c)  Restricted Securities. The Registered Holder understands that the
               ---------------------
Securities have not been, and will not be, registered under the Securities Act,
by reason of a specific exemption from the registration provisions of the
Securities Act which depends upon, among other things, the bona fide nature of
the investment intent and the accuracy of the

                                      -5-
<PAGE>

Registered Holder's representations as expressed herein. The Registered Holder
understands that the Securities are "restricted securities" under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the
Registered Holder must hold the Securities indefinitely unless they are
registered with the Securities and Exchange Commission and qualified by state
authorities, or an exemption from such registration and qualification
requirements is available. the Registered Holder acknowledges that the Company
has no obligation to register or qualify the Securities for resale. The
Registered Holder further acknowledges that if an exemption from registration or
qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period
for the Securities, and on requirements relating to the Company which are
outside of the Registered Holder's control, and which the Company is under no
obligation and may not be able to satisfy.

          (d) No Public Market.  The Registered Holder understands that no
              ----------------
public market now exists for any of the securities issued by the Company, that
the Company has made no assurances that a public market will ever exist for the
Securities.

          (e)  Legends.  The Registered Holder understands that the Securities,
               -------
and any securities issued in respect of or exchange for the Securities, may bear
one or all of the following legends:

               (i)  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A
FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933."

               (ii) Any legend required by the Blue Sky laws of any state to the
extent such laws are applicable to the shares represented by the certificate so
legended.

          (f)  Accredited Investor.    The Registered Holder is an accredited
               -------------------
investor as defined in Rule 501(a) of Regulation D promulgated under the Act.

     5.   No Impairment.  The Company will not, by amendment of its charter or
          -------------
through reorganization, consolidation, merger, dissolution, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as
may be necessary or appropriate in order to protect the rights of the holder of
this Warrant against impairment.

     6.   Termination.  This Warrant (and the right to purchase securities upon
          -----------
exercise hereof) shall terminate on the date that is five (5) years after the
issuance of this Warrent (the "Expiration Date").
                               ---------------

                                      -6-
<PAGE>

     7.   Notices of Certain Transactions.  In case:
          -------------------------------

          (a) the Company shall take a record of the holders of its Common Stock
(or other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right, to subscribe for or purchase any shares of stock of any class or any
other securities, or to receive any other right, or

          (b) of any capital reorganization of the Company, any reclassification
of the capital stock of the Company, any consolidation or merger of the Company,
any consolidation or merger of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the surviving
entity), or any transfer of all or substantially all of the assets of the
Company, or

          (c) of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company,

then, and in each such case, the Company will mail or cause to be mailed to the
Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation or winding-up) are to be determined.
Such notice shall be mailed at least ten (10) days prior to the record date or
effective date for the event specified in such notice.

     8.  Reservation of Stock.  The Company will at all times reserve and keep
         --------------------
available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant.

     9.  Exchange of Warrants.  Upon the surrender by the Registered Holder of
         --------------------
any Warrant or Warrants, properly endorsed, to the Company at the principal
office of the Company, the Company will, subject to the provisions of Section 3
hereof, issue and deliver to or upon the order of such Holder, at the Company's
expense, a new Warrant or Warrants of like tenor, in the name of such Registered
Holder or as such Registered Holder (upon payment by such Registered Holder of
any applicable transfer taxes) may direct, calling in the aggregate on the face
or faces thereof for the number of shares of Common Stock called for on the face
or faces of the Warrant or Warrants so surrendered.

     10.  Replacement of Warrants.  Upon receipt of evidence reasonably
          -----------------------
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably

                                      -7-
<PAGE>

required) in an amount reasonably satisfactory to the Company, or (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company will
issue, in lieu thereof, a new Warrant of like tenor.

     11.  Notices.  Any notice required or permitted by this Warrant shall be in
          -------
writing and shall be deemed sufficient upon receipt, when delivered personally
or by courier, overnight delivery service or confirmed facsimile, or forty-eight
(48) hours after being deposited in the regular mail as certified or registered
mail (airmail if sent internationally) with postage prepaid, addressed (a) if to
the Registered Holder, to the address of the Registered Holder most recently
furnished in writing to the Company and (b) if to the Company, to the address
set forth below or subsequently modified by written notice to the Registered
Holder.

     12.  No Rights as Shareholder.  Until the exercise of this Warrant, the
          ------------------------
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a shareholder of the Company.

     13.  No Fractional Shares.  No fractional shares of Common Stock will be
          --------------------
issued in connection with any exercise hereunder.  In lieu of any fractional
shares which would otherwise be issuable, the Company shall pay cash equal to
the product of such fraction multiplied by the fair market value of one share of
Common Stock on the date of exercise, as determined in good faith by the
Company's Board of Directors.

     14.  Amendment or Waiver.  Any term of this Warrant may be amended or
          -------------------
waived only by an instrument in writing signed by the party against which
enforcement of the amendment or waiver is sought.

     15.  Headings.  The headings in this Warrant are for purposes of reference
          --------
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

     16.  Governing Law. This Warrant shall be governed, construed and
          -------------
interpreted in accordance with the laws of the State of Washington, without
giving effect to principles of conflicts of law.

     17.  "Market Stand-Off" Agreement.  The Registered Holder hereby agrees
          ----------------------------
that, during the period of duration (up to, but not exceeding, 180 days)
specified by the Company and an underwriter of Common Stock or other securities
of the Company, following the effective date of a registration statement of the
Company filed under the Securities Act, it shall not, to the extent requested by
the Company and such underwriter, directly or indirectly sell, offer to sell,
contract to sell (including, without limitation, any short sale), grant any
option to purchase or otherwise transfer or dispose of (other than to donees who
agree to be similarly bound) any securities of the Company held by it at any
time during such period except Common Stock included in such registration;
provided, however, that:
--------  -------

          (a) such agreement shall be applicable only during the two-year period
following the date of the final prospectus distributed pursuant to the first
such registration

                                      -8-
<PAGE>

statement of the Company which covers Common Stock (or other securities) to be
sold on its behalf to the public in an underwritten offering; and

          (b) all officers and directors of the Company, all one-percent
securityholders, and all other persons with registration rights (whether or not
pursuant to this Agreement) enter into similar agreements.

     In order to enforce the foregoing covenant, the Company may impose stop-
transfer instructions with respect to the Warrant Stock (and the shares or
securities of every other person subject to the foregoing restriction) until the
end of such period, and the Registered Holder agrees that, if so requested, such
Holder will execute an agreement in the form provided by the underwriter
containing terms which are essentially consistent with the provisions of this
Section 17.

                              ISHIP.COM, INC.


                              By: _______________________________________

                              Address:  3535 Factoria Blvd. SE, 5th Floor
                                        Bellevue, WA  98006

                              Fax Number: 425-602-5025

                                      -9-
<PAGE>

                                   EXHIBIT A
                                   ---------

                                 PURCHASE FORM
                                 -------------

To:  iShip.com, Inc.                                 Dated:

     The undersigned, pursuant to the provisions set forth in the attached
Warrant, hereby irrevocably elects to purchase _______ shares of the Common
Stock covered by such Warrant and herewith makes payment of $_________,
representing the full purchase price for such shares at the price per share
provided for in such Warrant.

     The undersigned further acknowledges that it has reviewed the
representations and warranties contained in Section 4 of the Warrant and the
covenants contained in Section 17 of the Warrant, and by its signature below the
undersigned hereby makes such representations, warranties and covenants as of
the date hereof.




                              ________________________________________
                              Name of Registered Holder

                              By:_____________________________________

                              Name:___________________________________

                              Title:__________________________________

                              Address:________________________________

                                      ________________________________


<PAGE>

                                   EXHIBIT B
                                   ---------

                                ASSIGNMENT FORM
                                ---------------

     FOR VALUE RECEIVED, _________________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of Common Stock covered thereby set
forth below, unto:

<TABLE>
<CAPTION>

        Name of Assignee                     Address/Fax Number                No. of Shares
        ----------------                     ------------------                -------------
<S>                                          <C>                               <C>
  1.
  2.
  3.
  4.
</TABLE>

Dated:_________________                      __________________________________
                                             Name of Registered Holder

                                             By:_______________________________

                                             Name: ____________________________

                                             Title:____________________________