Study On The Legal Issue Of Vessel Mortgage Financing

The study and discussion is made on the issues of ship mortgage financing legal system such as the subject,the object,the right and obligation relationship between two parties,ship mortgage register,etc. Comparing with the normal pattern,concrete analysis is made on the mortgage financing pattern of both the ship under construction and the single-vessel company.Chapter X is mainly about the range and category about the mortgagors,i.e. the shipowner and those being authorized. The statement for the shipowner is made in two aspects:sole-ownership and joint-ownership,among which joint-ownership is analysed as common joint-ownership and joint ownership by share. By analysis various responsibilities and rights of the mortgagors in the mortgage financing are clearly stated.After that,the author probes into the range of the object and suggests it should include the compensation of vessel,freight,rent,insurance damage,expropriation losses,etc. Through devising the main clauses in the contract such as declaration and guarantee clauses,precondition clauses,stipulation clauses,breach clauses,etc.,Chapter X focuses on the content of the right and obligation of two parties and designs the pattern of normal vessel mortgage financing. And this pattern consists of single accommodator loan pattern and group loan pattern,which have been discussed respectively. The lien of vessels not being registered,in the author's opinion,should be compensated in the same order. Besides the normal pattern,two special patterns i.e. the vessels under building mortgage financing pattern and vessels owned by the single-vessel company mortgage financing pattern are designed. According to the transfer time of vessel ownership stipulated in the ship construction contract,the vessels under building mortgage financing pattern is stated in three different conditions:1. the shipyard as the mortgagor when the ownership is transferred after the ship finished building;2. the shipowner as the mortgagor when the ownership is transferred when the ship is just begin to build;3. the shipowner as the mortgagor when the ownership is transferred when the ship is under construction. Characteristic clauses are designed,according to the 3rd pattern,in the loan and mortgage contracts on the mortgage financing of ship under construction.By analysis of the risks possibly faced by the loaner in the ship mortgage financing of the single-vessel company,new methods are designed to reduce such risks.