Ship Registration & Ship Finance

 

SHIP REGISTRATION

 

MAIN BENEFITS

  • The Maltese flag is a well known flag which offers a number of advantages to Shipowners including competitive ship registration costs and tax benefits to qualifying vessels through the tonnage tax system.

  • The Maltese flag offers an incentive for registration of younger vessels by way of reduced registration fees.

  • It is possible for a Maltese flagged vessel to be owned by a Maltese shipping company or by a foreign company which has appointed a resident agent in Malta. Dingli & Dingli offers the service of Resident Agent in Malta.

  • Incorporation of a Maltese shipping company is a straightforward procedure which can be completed very expeditiously. The costs for company formation as well as the annual maintenance of the Maltese shipping company are moderate.

  • There are no restrictions imposed on the nationality of the stakeholders or directors in a Maltese shipping company. Furthermore, there are no restrictions on the sale or transfer of shares of a Maltese shipping company owning Maltese ships and no exchange control authorisations are required for the granting of security over Maltese flagged vessels.

  • Owners of Maltese flagged ships are not subject to restrictions in terms of nationality of crew.

  • High standards are applied by the Flag Administration in terms of safety of life at sea, prevention of pollution at sea and compliance with international maritime conventions.

  • Malta’s membership in the EU and Malta’s ranking in the Paris MOU improve marketing opportunities of a Maltese flagged Shipowner.

  • Rapid procedures in terms of registration, deletion of vessels and registration and discharge of mortgages.

  • Flag Administration available for urgent matters 24/7.

  • Significant number of consular offices across the world to provide assistance to ship operators.

  • Significant number of double taxation and maritime agreements in force.

  • Maltese vessels are not subject to trading restrictions.

  • Stable democracy able to ensure a significantly consistent approach towards regulation of this sector.

 

SHIP FINANCE

MAIN FEATURES

  • Ship Mortgages are a very flexible tool in the hands of financiers wishing to secure their interests. Over the years, these have evolved and become more common in the ship financing industry. In line with its Anglo-Saxon tradition, Malta has modelled its provisions on ship mortgages on the ones included in the UK Merchant Shipping Act, therefore making their application easily understandable to financiers located in other jurisdictions.

  • Ranking is determined on the basis of time and date of registration in the vessel’s register.

  • Mortgage Registration is on a Statutory form.

  • Possibility to secure future obligations of the mortgagor as long as the maximum sum by way of principal is capped.

  • Possibility to amend mortgages.

BENEFITS

  • Preference of all actions and claims relating to a particular vessel on the specific vessel over all the assets of the defaulting ship-owner.

  • Bankruptcy of the Mortgagor subsequent to the Mortgage registration does not affect the Registered Mortgage.

  • Mortgages are executive titles in the hands of the Mortgagee immediately enforceable subsequent to notice of default having been given to the Mortgagor.

  • High Ranking of Registered Mortgages.

  • Registration of further Mortgages over same vessel is allowed with the Mortgagee’s consent only.

  • Deletion of a mortgaged vessel by the Maltese Registrar of Ships does not prejudice registered encumbrances.

  • Mortgage attaching to insurance proceeds and proceeds from indemnities for mishaps.
  • Possibility to register the mortgage in favour of a security trustee acting on behalf of a person or a syndicate of lenders.

  • Possibility of the mortgagee to register the assignment of part of a debt or other obligation secured by a registered mortgage.

DEFAULT

Upon default on any of the terms included in the Mortgage Deed or of any document therein referred, the Mortgagee can, without court sanction:

  1. Take possession of the vessel without being deemed to be considered as owner of the vessel; and the Mortgagor will remain owner of same.

  2. Sell the vessel or share in respect of which the Mortgage is registered (subject to concurrence of any prior mortgagee); any surplus in the sale of the vessel proceeds shall be deposited for the benefit of other creditors and of the Mortgagor.

  3. Do all things in the name of the owner as may be required in order to maintain valid the registration status of the vessel such as payment of fees and receipt of certificates.

Feel free to contact us for more information.

Send an email to info@dingli.com.mt and one of our Specialists will contact you back.

 

INTERNATIONAL MERCHANT MARINE REGISTRY OF BELIZE

Dingli and Dingli Lawfirm acts as the Designated Office in Malta of the International Merchant Marine Registry of Belize through Dr. Kevin F. Dingli as the duly appointed Deputy Registrar.

The Firm is duly authorised to assist ship-owners and financiers with the registration of vessels and yachts under the Belize Flag and registration of mortgages in accordance with the laws of Belize.

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JAMAICA SHIP REGISTRY

 

Dingli and Dingli Lawfirm acts as the Designated Office in Malta of the Jamaican Ship Registry through Dr. Kevin F. Dingli as the duly appointed Deputy Registrar.

The Firm is duly authorised to assist ship-owners and financiers with the registration of vessels and yachts under the Jamaican Flag and registration of mortgages in accordance with the laws of Jamaica.


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Feel free to contact us for more information.

Send an email to info@dingli.com.mt and one of our Specialists will contact you back.

 

 

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