The program is designed to give Maersk customers an alternative to bank financing for shipping and trade-related services attached to their ocean freight, freeing those companies to reserve capital for other uses.
Maersk conducted what it called "successful" pilots in Singapore, India, the Netherlands and Spain and is now rolling the program out to shippers in New York, New Jersey, Georgia, Texas, South Carolina, and Florida initially.
To participate, customers need to provide three years of audited financial statements, financial institution information, and Know Your Customer (KYC) paperwork, similar to that which banks require.
The program is designed to quickly establish credit worthiness, considering both the shipper’s financials and shipping history with Maersk Line.
The program is open to all Maersk customers, but a spokesperson told American Shipper the company is especially targeting sectors at the value end of business, including manufacturers, refrigerated products, chemicals, apparel/textiles, and appliances.
Maersk also noted that its global footprint allows it to have relationships and intelligence in markets where its customers and their banks might not have access.