MOL launches shipping payment service

MOL launches shipping payment service

Mitsui O.S.K. Lines, Ltd. (MOL) has announced the launch of MarTrust, an ocean shipping payment service for all seafarers onboard vessels controlled by MOL Group ship management companies.

According to MOL, the aim of this payment service is to improve seafarers’ quality of life by providing a portion of payroll through electronic payment services on mobile applications.

MOL plans to make MarTrust available to all eligible seafarers by fiscal 2024.

The Marcura Group (based in Dubai, UAE), a digital transformation solution provider specialising on the ocean transportation industry, is the creator of MarTrust.

READ: MOL, Petronas, MISC set to develop liquefied CO2 carriers

With the implementation of MarTrust, seafarers will be provided with an e-wallet account and an international branded companion debit card, allowing them to transfer funds to and from bank accounts and e-wallets via a mobile application.

It also facilitates cash withdrawals from ATMs practically anywhere in the globe, allowing electronic payments to be converted to cash.

READ: MOL, Idemitsu set to conduct recycling marine plastic demonstration test

Seafarers’ salaries are required by international agreement to be deposited into a bank account, although a portion of their pay is received onboard the vessel in cash.

MOL tested MarTrust on its group company-managed vessels from April to July 2023, and the decision to fully implement the service was reportedly based on the many comments from seafarers who participated in the trials on the necessity for the service as well as its advantages.

This month, MOL announced the signing of a long-term charter contract with a vessel operation management firm funded by JERA Co., Inc. (JERA) for a newbuilding liquefied natural gas (LNG) carrier.

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