The Set Up

Passions of Paradise (POP) is an owner-operated leading tourism company providing tours to the Great Barrier Reef giving customers unique diving, snorkelling & reef exploration experiences, operating from Cairns.

The Challenge

POP needed to economically acquire a new 25m catamaran to expand their business which was to be sourced and largely built in China, to be transported to Australia and then completed to be sail-ready (mast, sails and deck hardware) in Brisbane. The contract was in USD which required a Trade Finance solution to facilitate payment & forward contacts as well as requiring the option to make progressive payments during the build process.
POP were looking to partner with a financier that would not only get to know and understand their business requirements, but continue to partner with them on their growth journey.

The BOQ Difference

The BOQ branch Owner-Manager worked in tandem with both the BOQ Finance and BOQ Financial Markets team to really understand the complexities being faced by POP. We put their needs first in order to provide a banking and finance solution that aligned with their requirements and allowed them to focus on what they do best, running their business. 

BOQ has facilitated this proposal with an Equipment Finance facility – Lease in Escrow linked with a Documentary Letter of Credit to make progressive payments to the Chinese boat builder.

The Solution

This process required a number of steps to complete with coordination from the local BOQ branch, Equipment Finance operations & credit team, Trade Finance department and the client over an extended period of time. BOQ has continued to provide personalised service to the POP team via our dedicated Owner Manager ensuring that their success is at the heart of everything we do. 

This has resulted in providing full business banking facilities to the company and additional banking facilities to the directors personally.