Maritime debt recovery runs on its own toolkit, from ship arrest to maritime liens, that has no real equivalent in standard commercial collection.
A creditor with a qualifying maritime claim can arrest a vessel in many ports worldwide, effectively freezing a valuable, mobile asset until the underlying debt is resolved, a form of pressure with no equivalent outside shipping.
Unpaid charter hire and disputes arising from bills of lading are governed by distinct bodies of maritime law and international convention, so the correct recovery strategy depends heavily on which type of contract underlies the debt.
Certain maritime claims create a lien directly against the ship, independent of who currently owns or operates it, which can give a creditor recovery rights that survive a change in vessel ownership.
Everything covered in this video, in full written form, in the complete article.
Read the full guideIndustry guide to maritime debt recovery covering bills of lading, charter hire, ship arrest, maritime liens, and no-cure-no-fee economics for shipping creditors.