Maritime Liens and Mortgages

Maritime liens and mortgages are legal claims or rights related to ships. A maritime lien is a claim against a ship for unpaid debts, such as repairs or crew wages, that allows creditors to seek payment from the vessel itself. A maritime mortgage, on the other hand, is a loan secured by the ship, similar to a mortgage on a house, where the lender can take ownership if the borrower defaults. Both concepts ensure that shipowners meet their financial obligations while providing protections for creditors in the shipping industry.