APRILASIA BUSINESS OUTLOOK8MARITIME INDUSTRY BRACES FOR IRAN-ISRAEL TENSIONSBANK OF MAHARASHTRA EMPOWERS EXPORTERS WITH STREAMLINED EXPORT FINANCE SOLUTIONSThe maritime industry of the world is going to be in a much difficult position after Iran ramped up the tension by launching a first-ever drone and missile attack on Israel. This has disrupted the supply chain and increased the chances of vessel's stranding on the sea, experts here have indicated. Iran's move to act against Israel is a manifestation of the significant development in hostilities between the two countries since they are now engaged in a direct confrontation. On Saturday night, Iran and its allies fired 330 missiles and drones at Israel in retaliation to a supposed attack attributed to Israel earlier in April on a diplomatic facility of Iran in Damascus where several people, including two senior commanders, were killed.The durability of the Persian Gulf Shutdown is a concern but many feel that the parties will eventually tone down their tensions in the region, a delegate attending the commencement of Singapore Maritime Week on Monday, informed PTI. Persian Gulf is a sea of same category as that of Mediterranean Sea which is in west of Asia. It has the Gulf of Oman to the east and the Strait of Hormuz constitutes one of the most critical choke points in the world. Each vessel adding a detour to the Cape of Good Hope via the Suez Canal needs to spend $30 million, according to Danish Sultan, who is a managing director of a marine logistics company, PacMarine Services in Singapore. Navigating through the complexities of international trade can be daunting for exporters, especially with fierce global competition. Timely access to finance is crucial at every stage of the export cycle, from procuring raw materials to ensuring smooth post-shipment processes. Recognizing this need, Bank of Maharashtra, one of the leading public sector bank in India, is offering robust Export Finance solutions to provide a robust financial safety net for ex- porters. Streamlined Financing for Every Step of the Export JourneyBank of Maharashtra's export finance solutions cater to the diverse financial requirements of exporters throughout the export process. Here's a breakdown of the key pre-shipment and post-shipment services offered:Packing Credit: This financing option, available in both rupees and foreign currency, empowers exporters to procure raw materials and manufacture goods before shipment. This ensures a steady cash flow and minimizes disruptions in production cycles.Letters of Credit (LCs) or Guarantees: Bank facilitates the procurement of materials by providing LCs or Guarantees, acting as a security instrument.Purchase and Discounting of Export Documents: Bank of Maharashtra offers purchase and discounting of export documents under letters of credit or confirmed orders. This allows exporters to receive immediate payment upon shipment.Negotiation of Bills under L/C: Bank also negotiates bills drawn under Letters of Credit, expediting the process of receiving export proceeds. This ensures faster access to funds and minimizes waiting times.Discounting or Purchasing of Export Bills in Foreign Currency: This service allows exporters to purchase or discount their export bills in foreign currency receivables into immediate rupees, mitigating currency fluctuations. NEWSROOM
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