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The
recently-launched RM1 billion
Malaysian Shipping Finance Fund (MSFF),
which is managed by Bank Industri
& Teknologi Malaysia Berhad,
will be disbursed to Malaysian
shipowners especially to members of
the Malaysian
Shipowners’Association (MASA).
“The
new guidelines on the MSFF takes
effect from February 1 2002,” said
the head of maritime loan section of
Bank Industri & Teknologi
Malaysia Berhad, Hui Siew Choong.
“The
fund will not be given out to
shipyards, ship venture capital,
maritime-related activities or even
to non-MASA members. This is the
first time MSFF facilities is being
fully allocated for MASA,” said
Hui in a ship financing seminar
organized by MASA in Kuala Lumpur
recently.
The
MSFF comprises two facilities,
namely ship financing facility,
which is directly managed by Bank
Industri and shipping venture fund
which is facilitated through the
Bank’s subsidiary, Global Maritime
Ventures Bhd.
He
said MASA members should take
advantage of this facility to
finance the construction of new
vessels or the purchase of
secondhand vessels.
The
Bank generally prefers to finance
local construction of vessels,
unless the vessels sought cannot be
built in Malaysia due to
insufficient capacity, capability or
technical expertise.
Hui
said secondhand vessels must meet
the Bank’s age requirement of 17
years at the end of the repayment
period.
For
new vessel constructions, the Bank
offers a maximum margin of financing
up to 75 per cent of the contract
price whilst for secondhand vessels,
the Bank offers a margin of
financing of 65 per cent of the
intrinsic value of the vessel with
two year grace period and maximum of
10 years repayment period.
“We
are financing all types of vessels
include liquid bulk carriers like
CPP tankers, chemical tankers, gas
carriers, dry bulk carriers,
container vessels, passenger ferry
vessels, support vessels (crew
boats, safety vessels) and tugboats
and anchor handling vessels.
Bank
Industri, owned by the Minister of
Finance Inc has disbursed 10 per
cent or RM100 million of the
recently-allocated.
The
remaining RM900 million will be
disbursed over the next three years
period, said Hui.
However,
the bank was still offering funding
facilities for non-MASA members and
other marine related industries
through funds obtained from other
sources like Overseas Cooperation
Fund, JBIC-SMI and Bank Industri’s
internal resources.
“We
have US$300 million fund through the
JBIC facilities,” said Hui.
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