Study Of Ship Mortgage Law

Shipping industry is a capital-intensified industry. The individual can hardly afford the purchase arid building of vessels defined in Maritime Code, which makes financing indispensable at the beginning of purchasing and constructing vessels. In order to encourage financing in shipping industry and promote development of national fleet, every country establishes system of ship mortgage characterized by non-transference of possession of the mortgaged ship. However, a comprehensive study of legal system of ship mortgage involves not only the reference to basic principles governing the ship mortgage but also the consideration of characteristics of vessels, shipping practice and features of Maritime Code.This thesis is composed of 4 chapters, except for preface.Chapter 1 mainly discusses the identification of ship mortgagees It emphasizes on whether the third party could become the mortgagee and questions about the mortgage of ship under construction.Chapter 2 covers subject matter in ship mortgage. It contains achievements which the maritime experts have made and the author's understanding is also added.Chapter 3 refers to the rights and obligations of mortgagees and mortgagors. It is most important to strike a balance among the interest of each party.Chapter 4 involves a systematic research into relationship between mortgage, maritime lien, possessory lien and demise charter.At present legislation of ship mainly appears in ten articles of chapter 2 of CMC. To our regret, experts in maritime law have not made comprehensive research into the ship in rem on property interest. Moreover, very few makeresearch in normalization of mortgage of ship by combining new provisions of interpretation. In addition, there exists many arguments and perfection in interpretation itself. Furthermore, it is just the orientation in perfection and development of system relating to mortgage of ship.Above summary acts as a brief introduction of issues, methods, perspectives and supports applied in tfts paper. Ideas expressed are intended to solicit broad discussion of this field so as to contribute to development of Chinese Maritime Code.