What should you do if you cant pay on time ?
Lets face it, shit happens. Vessel have a sudden break down and stuck in the yard, the charterer late pay, client try to pay your freight but the money just stuck in between the bank. What you should do in this situation and not killing your credit ?
- Inform the supplier in advance : Nothing scare the trader / supplier most is uncertainity, not knowing what happen. Is the company closing down or just have a little problem, always let them know in advance but not after 90days while they try to arrest your vessel then it will be too late
- Late Interest : yes it sucks and its temping and that could be a huge number. But paying late interest can most likely keep the credit especially in the era of 2020, if you have a reliable supplier channel that is something you should do to maintain the credit.
What if early payment ? you have the money in the bank and feel like to let the money fly a bit ? some supplier / traders will offer discount while you getting a CIA/ COD price instead of a credit price, sometimes they might even offer a discount if you pay before the 30ddd credit. Check with your supply channel is any above option is available.
Until next time
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