Aspects of Ship Finance: The Market, Ship Mortgages and Their Enforcement

NUS Law Working Paper No. 2019/015

NUS Centre for Maritime Law Working Paper 19/05

43 Pages Posted: 30 Aug 2019

See all articles by Stephen Girvin

Stephen Girvin

National University of Singapore (NUS) - Faculty of Law

Date Written: August 30, 2019

Abstract

The ship finance market has, during the past decade, undergone profound changes. Compared with readily available ship finance in the boom years of the early noughties, the Global Financial Crisis (GFC) has seen many traditional ship finance banks exit the market. For those banks that have remained in shipping, there are now significantly tighter funding parameters, in line with the imposition of stricter controls over banks by the Basel Committee on Banking Supervision. Those seeking ship finance have, increasingly, had to rely on other sources of finance. Whatever the source of finance, the lender typically will want to secure that finance through the tried and trusted mechanism of a ship mortgage. Following an event of default on the mortgage, the lender may wish to enforce its rights by possession, sale, and arrest (followed by sale) of the ship. This paper analyses how these choices play out, particularly in the context of recent decisions of the English and Singapore courts.

Keywords: ship finance, banks and other sources of funding, mortgages, mortgagees’ remedies of possession-sale and arrest, blockchain and ship finance

Suggested Citation

Girvin, Stephen Darryl, Aspects of Ship Finance: The Market, Ship Mortgages and Their Enforcement (August 30, 2019). NUS Law Working Paper No. 2019/015. Available at SSRN: https://ssrn.com/abstract=3445340 or http://dx.doi.org/10.2139/ssrn.3445340

Stephen Darryl Girvin (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

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