Marina seeks financing for vessel acquisition

Manila: The Maritime Industry Authority (Marina) has asked banks to support ship acquisitions with financing, which will require at least P$10bn to implement to help stimulate the expansion of domestic shipping in the Philippines.

Marina Administrator Maximo Mejia Jr. said the body is focusing on modernizing the domestic shipping industry and he also asked the banks to help in upgrading the capabilities of domestic shippers.

“The Development Bank of the Philippines has financed the acquisition of 10 brand-new ships, which were built in China,” Mejia said.

“We’re hoping that more banks will get involved in the financing of ships, as we also see attractive opportunities for bigger shipping lines to operate in the Brunei-Indonesia-Malaysia-Philippines East Asian Growth Area routes,” he added.[13/08/14]

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