Tradewind has provided a $1.5 million post-shipment financing facility for a processor and exporter of fresh and frozen tuna based in the Maldives. With the funding in place, the seafood company, who exports to France, Spain, Italy, and the US, is able to extend longer terms to its existing buyers, deliver higher volumes of product, increase its frozen fish export business, and expand its customer base in the US.
At the time the tuna processor approached Tradewind for funding, its core buyers were seeking to purchase higher volumes of product on longer payment terms, an arrangement it could not accommodate without the help of a financing solution. Furthermore, the minimum of Net 30-day terms required for frozen exports, terms the company was unable to offer regularly, impeded its ability to maximize sales in its frozen segment. The tuna processor also did not have any credit or collection support in the US which prevented it from taking advantage of the growth opportunities available there.
Tradewind’s trade finance package, which provided liquidity and credit and collection services, will allow the company to take on larger orders on longer payment terms, as well as expand its US customer base and facilitate growth stateside. The expedited cash flow from the facility will also equip the company, whose majority of exports are fresh fish, to grow its frozen export volume, as it will have more liquidity on hand to support the longer terms required for this type of sale.
The company pursued Tradewind for financing because of the firm’s experience and reputation in the seafood industry as well as its network of offices in the US and Europe, among its other global office locations.
“We are pleased to structure a customized solution for our client that addresses their specific and evolving needs so they can continue on their trajectory of growth. Our expertise in the seafood industry, as well as our international capabilities, made Tradewind a good fit for the client as we understand the unique demands and requirements of the business around the globe,” states Brian Dowd, Vice President of Sales of Tradewind’s New York office.
Tradewind (formerly DS-Concept) maintains a network of offices all over the world, including Bangladesh, Bulgaria, China, Hong Kong, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and USA as well as the headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible and best-in-class services to the world’s exporters and importers.
