Pacific Radiance has been granted 85 million Singapore dollars ($61.5 million) through two government-backed finance schemes.
The two programmes aim to help local local offshore and marine companies to gain access to working capital to allow them to weather the industry downturn.
Pacific Radiance executive chairman Pang Yoke Min said: “We are pleased to be eligible for the two schemes, which have allowed the Group to secure maximum loans of S$85 million.
“The loan approvals from both the participating banks, DBS and UOB, and government agencies reflect their strong support to help the Group overcome the downturn.”
The loans granted were the Internationalisation Finance Scheme by International Enterprise and the Bridging Loan Scheme by Spring Singapore.
To qualify for the loans, companies must fulfil certain criteria which include having a Singapore based headquarters.
Mr Pang also spoke of the challenges his company were facing-which would be mitigated by the funding.
He said: ”We believe the longer-term outlook has improved as OPEC and certain non-OPEC producers have sustained oil production cuts until June this year and have also agreed to extend these cuts by another nine months. This concerted effort by oil producers should enable supply and demand to balance in the medium term.
“These positive developments will take time to flow through. Even though vessel utilisation and charters rates are bottoming out, market conditions will remain challenging in the near term. To withstand the headwinds ahead, we will continue to refine our cost structure, extend our reach in key markets and work closely with our lenders to manage our working capital and loan repayments to sustain our business for the long term.”