Maritime credit facility

03 September 2019 – Singapore based maritime eCommerce B2B platform, Marine Online announced today the launch of “Marine Credits” that offers a centralised credit facility between shipowners and suppliers. Also, the ingenious “Marine Credits” program will allow the shipowners of receiving the highest service standard, and the suppliers are guaranteed to get payment after fulfilling the orders. According to Marine Online, all registered shipowners may apply for “Marine Credits” starting from US$20K to US$1M and up to 60 days. Shipowners can start using “Marine Credits” to make purchases on Marine Online upon successful application. There are no hidden costs when shipowners use “Marine Credits” for purchases and only need to repay the used Credits to Marine Online within 60 days [1]. “Marine Credits” supports cross-border transactions, as Marine Online showcase over 10,000 product/services provided by over 4,000 suppliers and spreads across 700 ports worldwide. These essential product/services include chartering, bunkering, port agency, ship supply, crewing, ship SNP and other marine services. Reported commonly from various sources, recovery of the shipping industry from global crisis back in 2008 had faced with numerous challenges. Shipowners during these periods undergo tremendous financial pressure, while many had gone bankrupt. On the other hand, suppliers had suffered and need to undertake higher commercial risk for survival. The extended credit term to over 120 days seems as an industry norm back then. With the introduction of “Marine Credits”, it will address these challenges. Mr Tiger Cai – Chief Operating Officer of Marine Online, also shares that both shipowners and suppliers save time and resources on administrative work and time. With “Marine Credits” shipowners no longer need to apply credit term from supplier individually. Besides, he also hopes the program will help to uplift the competitiveness within the industry. Being the centralised credit facility for the global maritime industry, Marine Online assumes calculated risks. Chief Financial Officer – Mr Frank Xu shared that the organisation has proper risk control processes. On top of that, Marine Online also partnered with one of the top insurance company, ensuring a fail-safe mechanism in-place. As shared with some reporters, Marine Online had launched “Marine Credits” as a pilot program three months ago. Many suppliers welcomed the program due to the guaranteed payment. While shipowners are pleased with the convenience “Marine Credits” brings. As one of the leading maritime eCommerce platform and located in Singapore – Global Maritime Hub, Marine Online will continue to adopt the latest technology with innovation and creates a symbiosis ecosystem for the maritime industry. Please visit https://bit.ly/2Le4Wiz for more information on Marine Credits.

[1] Maximum credit terms is set at 60 days, credit term varies depending on type of services and subjected to approval