The Singapore branch of Cathay United Bank (CUB) recently announced that it has provided a long-tenor guarantee facility of up to six years to support Singapore Exchange-listed marine logistics company Marco Polo Marine Ltd’s wholly-owned subsidiary, Marco Polo Shipyard Pte Ltd, to construct a highly-specialised oceanographic research vessel (ORV) for Taiwan’s National Academy of Marine Research, under the Ocean Affairs Council. This transaction was supported by Enterprise Singapore, which has been actively helping Singapore maritime and shipbuilding firms upscale and access overseas markets through growth programmes, network facilitation and strategic link ups. Ng Li Lian, Corporate Banking, Cathay United Bank (Singapore), said, “We are proud to support Marco Polo Marine with a financing structure that gives them the runway to deliver this major regional project. It is a meaningful opportunity for us to partner a prominent Singapore maritime player as they take on larger and more complex projects across the region. We are also privileged to have the support and partnership of Enterprise Singapore on this transaction, reflecting the strength of public-private collaboration in supporting Singapore companies on major regional projects.” Sean Lee, CEO of Marco Polo Marine, said, “Partnering with Cathay United Bank, and with the support of Enterprise Singapore, positions us strongly to execute and deliver complex, high-specification shipbuilding projects of this scale. This collaboration strengthens our ability to take on large-scale regional contracts and positions us for long-term growth.” As part of the deal, CUB Singapore combined tailored financing with a risk-sharing structure to provide an end-to-end structured trade finance solution for Marco Polo Shipyard Pte Ltd, which has been awarded an NTD 4.678 billion ($149 million) contract to design and construct a 4,000 gross tonne ORV. This contract marks the shipyard’s largest-ever award, and the vessel will feature advanced green and energy-efficient technologies to support marine science, research, and the development of the blue economy. Re-disseminated by The Asian Banker
