A loaded vessel damaged her propeller and could not continue the voyage. A local repair contractor was found at the vessel’s location, with the total repair budget agreed at USD 160,000.
The vessel operator and the contractor had not worked together before, and the contractor was not ready to mobilize without advance payment because the mobilization cost was high. The vessel operator was a large company, so even an approved urgent payment would normally take at least a few days to pass through internal procedures.
At the same time, every hour at standstill meant huge losses for the vessel operator. Fortunately, the contractor was found through PortContact and both sides were Members, so the payment arrangement was finalized within a few hours through PortContact PAY.
After the Buyer confirmed the deal and the value, it took PortContact 2 hours only to release the payment to the Vendor who received the full amount without any commissions or costs. The contractor mobilized immediately, the repair was completed successfully, the Vendor received payment without delay, and the Buyer kept 180-day payment terms with PortContact.
