ShipMoney Cares will be managed by ISWAN and is intended to provide one-time financial grants to seafarers in need, such as medical or educational aid. ShipMoney along with its partners will make a substantial annual donation to the program, with a maximum grant of $500 while seafarers can apply once a year.
Caitlin Vaughan, Project Manager at ISWAN, highlighted that this initiative "differs from our other welfare funds because it is for basic individual grants of $50 – $500. Seafarers, or their family members, in need of an urgent small grant, will receive a ShipMoney prepaid card allowing autonomy as to how the money is used to best alleviate their hardship."
The initiative, which was launched at the Crew Connect conference in Manila, will be available to seafarers and their families, such as parents, spouses, children, and siblings, who can demonstrate that they or their families are experiencing some level of adversity that impacts their livelihood or income.
Stuart Ostrow, President of ShipMoney, further stated that
Together with ISWAN, we will be able to make a real difference in the lives of seafarers who need a helping hand. Once we get this rolling, we will be engaging with our clients, vendors, strategic partners and seafarers to participate alongside us.
In March, the Maritime Union of Australia has warned that Australia's shipping industry is in crisis, as the nations economic, environmental, and national security is at risk. To that point, MUA suggests that government reform could find a solution to this issue and deliver a multi-billion dollar benefit for the economy.
In the past, ShipMoney has highlighted that shipping companies are paying out unnecessary high costs by continuing to pay seafarers with cash.With the cost of delivering cash to vessels ranging from 3% to 10% of the value being transported, shipping companies are losing significant amounts of money by paying crew via hard cash or wire transfers, the company has said.