Hague Convention on Maritime Liens and Mortgages

The Hague Convention on Maritime Liens and Mortgages is an international agreement that standardizes regulations regarding liens (legal claims) and mortgages on ships. It aims to protect those who provide services or loans related to maritime activities, such as repairs or freight handling. Under this convention, stakeholders can have clear rights to claim against a vessel if debts are unpaid. The convention helps facilitate maritime commerce by ensuring that financial and legal issues surrounding vessels are handled consistently across countries, thus providing greater security for lenders and service providers in the maritime industry.