The Liberian Registry, the world’s second largest ship registry, in response to the wants of shipowners and the ship finance and authorized group, has introduced a sequence of amendments to the Liberian maritime legislation that may streamline the method of recording ship mortgages whereas persevering with to it user-friendly. While decreasing prices, the adjustments will preserve the complete integrity of the method.
“These amendments have long been asked for by the shipping community and set Liberia even further ahead of other flag states that maintain their bureaucratic and archaic procedures and services,” stated Alfonso Castillero, CEO of the Liberian International Ship & Corporate Registry (LISCR).
The amendments present that Liberia now accepts the digital submitting of mortgage devices. In addition, the amendments make clear that mortgage debt paperwork, comparable to a mortgage settlement or a hedge settlement, don’t should be offered or recorded along with the mortgage instrument. These amendments additionally make it clear that numerous modifications to the underlying debt, comparable to a change in rate of interest or cost phrases don’t require the submitting of a mortgage modification.
LISCR has lengthy been a frontrunner in technological developments and was the primary ship Registry to permit digital certificates aboard its vessels and to implement distant ship closings. The acceptance of the digital filling of mortgages is the subsequent step in its steady enhancement providers supplied by Liberia.
“These enhancements are exactly what the shipowners and operators, as well as banks and lenders, have been asking for, and Liberia has listened and acted,” stated Castillero. “Liberia continues to focus on the needs of its fleet, from the registration and mortgage process, to vessel operations and safety. These type of initiatives are why LISCR is on track to be the largest ship registry in the world, while still maintaining the highest quality standards.”
The adjustments might be present in RLM-107, Sections 100, 100A, and 105(1).
