Maersk ventures into trade finance

News | 9 June 2017

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Maersk Line has launched its own trade finance service in six US states following successful pilots in Singapore, India, Spain and the Netherlands.

Maersk Trade Finance is billed as a one-stop-shop that will allow importers and exporters to manage their trade finance and container shipping needs with one service provider.

Supply chains across the world are currently experiencing continuous change as financial and logistic service providers compete to provide the most integrated service offering.

“Maersk Trade Finance is an exciting new product that unites the flow of goods and finances to support and strengthen the importing and exporting ambitions of businesses shipping throughout the world,” said William Duggan, head of Maersk Trade Finance, Maersk Line North America.

“As an industry leader in financial stability, we’re a dependable partner for the long haul, reducing risk and delivering innovative solutions, like Maersk Trade Finance.”

Maersk will initially offer its new service in New York, Texas, Florida, New Jersey and Georgia, as well as in the four countries it was trialled in.

The shipping line has said one of the techniques it will use to determine credit worthiness is by looking at a shipper’s financial history, as well as their shipping history with Maersk Line.

The company has added that “the only collateral required is shipping with Maersk shipping companies”.

Maersk also have the advantage of being able to offer clients a digitised solution from the point of taking a trade finance facility, right through to the point of delivery of goods at the port – the company teamed up with IBM to develop a blockchain payment platform for the shipping industry in March 2017.

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