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π’π‘π’π©π“πžπ€ 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐒𝐨𝐧𝐚π₯ π€π°πšπ«ππ¬ πŸπŸŽπŸπŸ’

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Book your delegate pass: https://lnkd.in/gZ_GSGZ3 ⏰ COUNTDOWN ALERT!πŸ† Just 15 Days until the grand celebration at π’π‘π’π©π“πžπ€ 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐒𝐨𝐧𝐚π₯ π€π°πšπ«ππ¬ πŸπŸŽπŸπŸ’ in Dubai. πŸŽ‰ Save the date and join us for an unforgettable evening recognizing excellence in the maritime industry. The countdown is on – don’t miss the maritime event of the year! For event details, please visit: https://lnkd.in/gBFX8qB6 #ShipTek2024 #AwardsNight #MaritimeExcellence #DubaiEvents #CountdownBegins #15DaysToGo #IndustryRecognition #ShipTekAwards #MaritimeInnovation #offshore #oilandgas #ports #energy #shipsandshipping #logistics ShipTek 2024 Sponsored By: Government Partner: MOEIUAE Gold Sponsor: LENOL Dinner & Cocktail Sponsor: Faisal M. Higgi & Associates Co. Ltd. | V.Group Badge & Lanyard Sponsor: Stanford Marine Lunch & Coffee Sponsor: Ruby International Maritime and Legal Consultancy Conference Session Sponsors: Bahri | Ψ§Ω„Ψ¨Ψ­Ψ±ΩŠ | American Bureau of Shipping (ABS) | Bureau Veritas Group | Wilhelmsen group | Pomfret.cloud | Indian Register of Shipping Associate Sponsors: Albwardy Damen | Seamaster Maritime Group | Oceanic Ship Repair and Engineering Services LLC – Dubai, UAE | Besiktas Shipping | Oscar Marine | π…πŽπ’π‘π€πŒπ’ | Emirates Classification Society (TASNEEF) | Unimarine Group | Stoilef | Solas Marine Services Group

Changing the way international business is done electronically in the UK

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On 20 July 2023, the UK enacted an important new law that promises to transform the way international trade is conducted electronically. The Electronic Trade Document Act 2023 means that businesses that rely on English law are now legally permitted to exchange bills of lading and other trade documents electronically. Although it is a relatively minor change in the law, it is likely to have a significant impact on the way maritime trade is conducted. International shipping relies heavily on English law as the governing law for charter parties and other maritime agreements. This is also true for bills of lading where it is estimated that 80-90% of all bulk shipping bills are governed by English law. So, the impact of this new legislation will extend beyond the UK’s shores to embrace the global trade ecosystem. It is an extremely important milestone for trade digitalisation and supports similar initiatives to adopt electronic trade document laws in other countries, such as Singapore.

Vessel Mortgage and Financing in UAE: A Complete Guide

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The United Arab Emirates (UAE) is home to one of the busiest ports in the world and has a thriving maritime industry. With a vast coastline and a strategic location, the UAE is an ideal destination for ship owners and operators. However, owning and operating a vessel can be an expensive affair, and many owners rely on financing to acquire or maintain their vessels. In this article, we will discuss vessel mortgage and financing in the UAE, including where flag registry can be done and how financing can be secured through local banks. Vessel Mortgage in UAE A vessel mortgage is a loan that is secured by a ship or other seafaring vessel. In the UAE, a vessel mortgage can be registered with the Dubai Maritime City Authority (DMCA) or the Federal Transport Authority (FTA). The registration process involves providing details of the vessel, the owner, and the mortgage lender. Vessel owners can use their vessels as collateral to secure financing from banks or other lending institutions. The vessel mortgage gives the lender the right to take possession of the vessel if the borrower defaults on the loan. This provides a level of security for the lender and allows them to offer more favorable terms to the borrower. Financing Vessels in UAE There are several options available for financing vessels in the UAE. Most local banks offer vessel financing, and it is also possible to obtain financing through private lenders or investors. The most common financing option is a vessel mortgage, which is a loan that is secured by the vessel. Typically, UAE banks will finance up to 60% of the vessel’s value and require the borrower to provide a corporate guarantee and a personal guarantee. The interest rates for vessel financing in the UAE range from 5% to 6%, and the repayment period can be up to six years. Mashreq and NBF banks are among the most popular banks for vessel financing in the UAE. These banks have extensive experience in the maritime industry and offer competitive rates and flexible repayment terms. Flag Registry in UAE Vessel owners must register their vessels with a flag registry to obtain legal recognition and to comply with international regulations. In the UAE, vessels can be registered with the Dubai Maritime City Authority (DMCA) or the Federal Transport Authority (FTA). The flag registry provides proof of ownership and allows vessels to travel internationally. Vessels registered in the UAE can fly the UAE flag and enjoy the benefits of being a UAE-flagged vessel, such as access to UAE ports and waters. Conclusion Vessel mortgage and financing are essential for vessel owners and operators in the UAE. The UAE offers several options for vessel financing, and vessel owners can take advantage of competitive rates and flexible repayment terms. Vessels must also be registered with a flag registry to obtain legal recognition and comply with international regulations. Mashreq and NBF banks are among the most popular banks for vessel financing in the UAE, and vessel owners can register their vessels with the DMCA or FTA.