Shipping : Financing to a ship owner for the construction of newly built vessel, or purchase of secondhand vessel.
•
Shipyard : Financing to a shipyard for the capital expenditure program, working capital requirement for ship building, ship repair works and guarantee / performance bond facilities.
•
Maritime Related Activities : Financing to a maritime-related company such as contract financing for fabrication & engineering works for the offshore oil & gas sector
2
Margin of financing
I.
Shipping:
•
Maximum 90% of purchase price / construction (New).
•
Maximum 80% of purchase price / market value (secondhand), whichever is lower
II.
Shipyard:
•
Maximum 85% of project cost
III.
Maritime Related Activities:
•
Maximum 85% of project cost
3
Tenure of Loan
•
Shipping : Maximum loan period up to 18 years, inclusive of 3 years grace period (For second hand vessels, their age should not exceed 20 years at the end of repayment period).
•
Shipyard : Maximum loan period up to 15 years, inclusive of 3 years grace period.
•
Maritime Related Activities : Maximum loan period up to 15 years, including of 3 years grace period.
4
Interest rate
Effective Cost of Fund (ECOF) + Maximum 2.0%
5
Security
The types of security acceptable to the Bank shall include, but are not limited to the following:
•
Mortgage and Debenture on the Vessel/Asset.
•
Assignment of insurance policies.
•
Directors/Corporate/Shareholder guarantee.
•
Assignment of Charter proceeds/contract payments.
•
Assignment of shipbuilding contract.
•
Debenture on fixed and/or floating assets.
•
Fixed legal charge over other assets of the customer.
•
Kafalah/Bank Guarantee.
Financing Amount
•
Minimum :
RM 1.0 million (Shipping & Shipyard)
RM 0.5 million (Marine Related)
•
Maximum :
Up to Single Customer Limit (SCL)
Eligibility Criteria
•
The applicant must be majority-owned by Malaysians (at least 51%).
•
For vessel financing, the vessel has to be registered in Malaysia.
•
For secondhand vessel,the age and repayment period should not exceed 20 years.
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