Palumbo Group to support superyacht supply chain

Italian superyacht builder Palumbo Group has joined the Crédit Agricole Italia Supply Chain Finance platform. The entry coincides with a 12.5 million euro structured finance operation, which the superyacht company says will have the objective of issuing international guarantees in favour of ship owners involved with yacht building operations and payments against the achievement of work progress.

“Our Group’s vision focuses on supporting and developing the “Made in Italy” production chains,” says Marco Perocchi, head of corporate bank management at Crédit Agricole Italia. “The creation of a close relationship with the lead companies, extended to the entire ecosystem, aims at strengthening the suppliers’ link to the supply chain itself. With Impatto Impresa, the entire value chain draws benefits in terms of virtuous growth also thanks to the ISO certification of Bureau Veritas validating its financial sustainability. Through the confirming service, the lead company offers suppliers the right to assign to the bank the trade receivables deriving from invoices the suppliers claim from the company, subject to certain previously agreed economic conditions. Thus, the suppliers participating in the program will be able to benefit from the credit of the lead company, as the debtor of the transfer relationship to the bank “.

“This new partnership with Crédit Agricole Italia, with which we have been collaborating for years with mutual satisfaction, has been strongly supported by me with the aim of guaranteeing our production chain a solid opportunity to access credit. Impatto Impresa will provide our market with even greater stability and financial efficiency, which in turn will affect all the companies related to Palumbo Superyachts,” says Giuseppe Palumbo, sole director of Palumbo Superyachts.

Palumbo Group, based in Naples, has been operating since 1967 and was originally set up as a carpentry and metalworking shipyard to support the local ship repair industry. Over the years it continued to grow in the maintenance and repair of and commercial naval sector. In 2008 the Palumbo Superyachts division was created, which builds and markets yachts under the ISA Yachts, Columbus Yachts, Mondomarine and Extra Yachts brands.

The Palumbo Group network is made up of eight shipyards, five of which are dedicated to superyachts.