Skip to main content

Liberia makes its maritime law lease financing friendly



The Republic of Liberia has amending Liberian maritime law to allow lease financing structures to be recorded as mortgages. As a result, Liberia is the only flag state with preferred status in China able to record financing charters.
The Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry, says that the advantages offered as a result of the changes in the country's maritime law are by no means limited to leasing houses in China, but are available to all stakeholders, worldwide.
Lease structures for ship financing are, however, increasing in popularity in Asia, in particular, and the inability to record a financing charter to perfect security hinders access to this kind of financing.
With that in mind, the Liberian Government has introduced amendments to provide for the recordation of financing charters similar to ship mortgages. In addition, the amendments to Liberian maritime law clarify that it is not necessary for evidence of mortgage debt to be provided or recorded together with mortgage instruments. They also make provision for a definitive definition of the term "vessel" under Liberian law that includes permanently moored watercraft. The amendments also include several other administrative improvements such as a reduction in the number of original mortgage instruments required to record a Liberian mortgage and clarifications related to the physical marking of the vessel.
"The recent legislative initiative by the Republic of Liberia to amend its maritime law is yet another example of Liberia identifying the needs of shipowners and operators as well as those of their ship financing and legal advisers," says LISCR CEO Scott Bergeron. "The Liberian Registry has experienced tremendous growth in Asia over a number of years. Most recently, that growth has accelerated following enactment of the historic Agreement on Maritime Transport between the People's Republic of China (PRC) and the Republic of Liberia, under which Liberian-flag vessels are charged a preferential rate for tonnage dues when visiting any port in China. The added ability to record a financing charter as a mortgage enshrined in the recent maritime law amendments will strengthen still further the high level of mutually beneficial co-operation which exists between Liberia and its Chinese partners."

Comments

Post a Comment

Popular posts from this blog

President George Weah's One Day National Forum Successfully Attended by 26 Political Parties

On Thursday, August 8, 2018, President George Weah had a sit down with 26 political parties of Liberia.  The meeting aimed at advancing ideals that promote the spirit of national unity and political tolerance between opposition political parties and the government.  ANC, LP and UP attended the meeting as a team. According to Deputy Minister Eugene L. Fahngon, Deputy Minister for Press and Public Affairs at Ministry of Information, Cultural Affairs & Tourism, all 26 political parties attended and participated from start to finish.  Even though, social media was buzzing about AB Dillion walking out of the meeting, he walked out as an individual and not a political party, "the invitation was extended to political parties and not to individuals," Minister Fahngon stated in his live video.  Each political party gave ideals and recommendations, which made the meeting a great success.  According to  Deputy Minister Fahngon, "there will be future engagements as such.&quo
Post a Comment
Read more

Liberia: Top 7 Iconic Music Videos Directed by Jackie Russ

​By Robert Serge Saint-Pe Alex Nyenga, alias, Jackie Russ has enjoyed a seven-year stint as a videographer which has put him behind the camera of numerous memorable Liberian music videos, earning him several nominations and awards. He has again proven himself as a top-notch video director over the past months, which has landed him nominations for the 2021 MTN – Liberian Music Awards (MLMA) for Best Music Videographer and the 2021 Liberian Entertainment Awards (LEA) for Video Director of The Year.  Even if Jackie Russ is not a familiar face, he is definitely a household name who has worked with many top Liberian artists and influential celebrities. One of his unhighlighted gesture is that he gifted Caroline M. Moore, better known as MC Caro with her first ever music video for her song “Bring Our Money Back” in 2018. Here is a look at the top seven iconic music videos directed by Jackie Russ. 7. Christoph Ft. Margas – Hold Your Polaruh (2016) “Hold Your Polaruh” was directed by Christoph
Post a Comment
Read more

Foreign Ward marries the mother of his child: gives her a beautiful tribute on social media

Foreign Ward and Lorpu Kollie On August 28, 2016, Liberian rapper, Foreign Ward pulled out his heart on social media, confessing his appreciation for his bride, Mrs. Lorpu Kollie.  The newlywed tied the knot on August 20, 2016.  To put a little gossip on the cake, Lorpu is the ex of Hipco artist, Rawpekin.  Rumor has it, Rawpekin was very heartbroken during the break up.  Well, there is a happy ending to all this, a wedding. Check out some photos from the wedding and Foreign beautiful tribute.   "I remember being dead broke with no job and she cared for me and loved me. I remember her sleeping in the car with me because I didn't have a place to stay at the moment, but she never complained or made me feel less of a man. I knew she would be the woman I spend the rest of my life with, because I told myself if I don't LOVE, CHERISH & MARRY this woman, I will be the biggest fool on this planet. My life story is deeper than what you guys see on social media.
6 comments
Read more