Marine link
 

Global Electronic Communications Speed Ship Financing Process

The maintenance of an orderly regime for financing the construction,. purchase and operation of ships is a prime function of flag states, but it is a process which has begun to change because of the application of global electronic communications, as well as a more flexible legal approach to ship registration. With the exception of a small core of specialists, the technical procedures of ship registration and the recording of mortgages are gene ally not well known. They can " very burdensome, as a scrutiny the Norwegian or Japanese sh sale forms, or a Memorandum Agreement (MOA) will indicat The legal and technical snares ship and mortgage registration a brought into play by the need expeditiously secure the financi rights of those parties with interest in the transaction. Ship registries offer the on internationally recognized syste for securing a loan by means recording a mortgage, using t vessel itself as collateral. Su financings follow forms prescrib by the national law of the ship re istry, with mortgages, bills of sa and other recordable instrumen conforming to the 1993 Conventi on Maritime Liens and Mortgage An earlier international agre ment dating from 1926, states th the mortgage must be "register ... in a public register at the port registry of the vessel or at a centr office." This usually requires a tr ditional form of legal proceduknown as a closing. The nature this will be governed by the complexity of the transaction, th degree of preparation, and th legal systems of the registri involved. A bad closing can co sume considerable additional ti and money, as well as participant Each ship delivery brings with its own rigorous commercial an financial deadlines. This has led a demand for virtually consta access to recordation and regist facilities, for the sake of efficien and to eliminate unnecessar expense. This demand is growin along with the industry's need fi the large sums that are being, an will be, advanced to replace th world's aging tonnage. The Worl Bank estimates that approximat ly $350 billion or more will required by the year 2000.




Ship Simulators History

a r i n e t t e M a r i n e R e c e i v e s O r d e r F o r a n k e r s
A united Effort
Adrick Marine Delivers AC/Refrigeration Equipment
Armada Data Offers Module-Based Shipping Software
Avondale Industries Inc., Shipyards Div.f Secures $420-Million Sealift Contract
BULK CARRIERS: A Volatile Market
Cruise Market Outlook
Cruising In The U.S.A.
Export Business Brightens Future
Finnish Pride
Griffin Expands Contalnership Fleet
High-Yield Shipping Bonds: A letter Mouse-Trap, Or Just A letter Trap
High-Yield Skipping Bonds: A Better Mouse-Trap, Or Just A Better Trap?
ILU Reports On 1994 Ship Casualties To Third Quarter
Integrated Ship Production System Released
Korean Interest Purchases Autronica Ship Berthing Radar
Largest Cruise Ship Ever Built Visits New York
Latest Navy Oiler Christened USNS Yukon By Avondale Industries
Making Ship Production More Profitable
Multi-Purpose Cargo Ships And Their Future Markets
NASSCO Joins In Ceremony For Start Of Sealift Conversion Program
Navy Plans System To Counter Shallow Water Submarine Threat In Regional Areas
P&O Orders Two Containerships From Japanese Shipyard
RINA Spearheads Watertight Safety Debate
Ship Finance: A View Rom. And Of The ship Registry
Simulation Training And Research Center To Open In Seattle In April
Stolt Parcel Purchases Four Chemical Parcel Tankers From Danish Interest
The Shape Of Things To Come
USCG Issues Spill Response Guidelines
USCG Uses 3Com Technology To Launch Virtual Private Networks
 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright