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Contract of prime prioritized mortgage of the vessel
A large Russian-Norwegian holding has addressed us for legal assistance in arrangement of rights of the bank on a vessel which was used as security for execution of obligations under a credit agreement. The shipowner has won a tender for organization of a shipping line. To organize the line attraction of special fleet and additional technical recourses was required. The shipowner hoped to receive a credit in the name of Russian company and to use it to finance payments under time-charter agreement of the vessel which was an object of mortgage, owned by
Our services in the case
Negotiations have been arranged with representatives of the bank and with Russian and foreign shipping companies. Development and agreement of credit contract terms between the bank, shipowner and charterer, together with terms of mortgage and charter party agreement. Contract of prime prioritized mortgage of the vessel “OMG GATCHINA” (IMO 8918796) was developed. Mortgage was registered in shipping registry of