Open Ocean Trading believes that fishermen deserve to get paid for their product upon delivery and not days later.
To eliminate unnecessary delays and facilitate immediate payment to fishermen, Open Ocean Trading established an affiliate company to provide settlement services. Now, when a vessel lands its catch, a check will be delivered at the dock. While there is always a chance that a buyer may delay or default on payment, we accept that risk to give fishermen peace of mind. Fishermen no longer have to worry about managing post-trading credit exposure. Open Ocean Trading and its affiliate ensure that forward contracts are settled in accordance with market rules. Importantly, forward contracts traded on the FYSH-X platform are still private agreements between buyers and sellers. Trade title, product ownership, and legal counterparty risk remain between them. We simply step in to provide a cash advance to fishermen and help ensure that all marketplace participants honor their obligations.
Our team is excited to serve buyers and sellers of all sizes and types in the seafood industry. If you have comments or questions about our payment clearing services, please contact us. We are constantly striving to improve and welcome feedback so we can better suit your needs.