Pacific Radiance secures S$85m in government-backed loans

Pacific Radiance secures S$85m in government-backed loans

Singapore offshore vessel owner Pacific Radiance has been granted S$85m ($61.5m) worth of loans under two Singapore government-backed financing schemes.

The company has taken loans under two programs, the Internationalisation Finance Scheme by International Enterprise Singapore and the Bridging Loan scheme by Spring Singapore, to help support its working capital needs over the medium term.

Pang Yoke Min, executive chairman of Pacific Radiance, said: “We are pleased to be eligible for the two schemes, which have allowed the Group to secure maximum loans of S$85 million. The loan approvals from both the participating banks, DBS and UOB, and government agencies reflect their strong support to help the Group overcome the downturn.”

The Internationalisation Finance Scheme and Bridging Loan scheme were set up to help local offshore and marine companies gain access to working capital and financing in order to weather the industry downturn.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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