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Marine Online launches centralised credit facility for shipowners

Singapore based maritime eCommerce B2B platform, Marine Online has announced the launch of "Marine Credits" that offers a centralised credit facility between shipowners and suppliers.

{mprestriction ids="1,2"} "Marine Credits" supports cross-border transactions. Marine Online showcases over 10,000 product/services provided by over 4,000 suppliers and spreads across 700 ports worldwide. These products and services include chartering, bunkering, port agency, ship supply, crewing, ship SNP and other marine services.

The "Marine Credits" program will allow shipowners to receive the highest service standard, while 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*.

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, explained that both shipowners and suppliers save time and resources on administrative work. With "Marine Credits" shipowners no longer need to apply credit term from supplier individually.

Chief financial officer Mr Frank Xu said that the organisation has proper risk control processes. Marine Online also partnered with one of the top insurance company, ensuring a fail-safe mechanism in-place. {/mprestriction}

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