Our Ship Mortgage Facility
A ship’s mortgage occurs when the owner gets a loan from a bank against the ship’s value. In this case, the vessel cannot be sold or scrapped without written permission from the bank
The flag issues mortgage certificate according to the bank loan agreement signed with the ship owner
A mortgage certificate is issued provisionally first, and it is called a “Preliminary mortgages certificate”, and then full term mortgage certificate is issued
The only difference between mortgages and registration is that the owner has the option to get preliminary first and then the whole term, or he can wait until the full-time is issued
Waiting until the full term is issued without getting a preliminary mortgage saves the customer the cost of the preliminary
But as the banks always request the mortgage certificate from the flag before paying the loan amount to the owner, so most customers ask preliminary first
Full term mortgages certificate takes about two months to be issued by the flag
Required documents for mortgage certificate
• Mortgage excerpts (Exactly a registration application, it serves as an application for the mortgage certificate)
• Copy of bank loan agreement
• Passport copy of the ship owner
This Article is brought to you by ‘JUNIOR ANGABUA CHUO ANGABUA ESQ. LL.B, Dip Computer, BL, & AAIADR.
Legal Practitioner cum expert in Maritime law in Cameroon, banking, Insurance, International Trade, and Ship Brokerage in Cameroon.
Founder and Lead counsel of Prime Time Law offices.
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