The Spanish Maritime Cluster held a new panel discussion under the title “Ship finance”on 21th of March.

Eduardo Albors analysed the consequences of the absence of a uniform regulation on “the judicial sale of vessels and their recognition”, and explained the problems that players in ship finance transactions face when enforcing their mortgages and seeking their recognition in third countries.

Whilst within the framework of the European Union Regulations the problem can be considered solved, this is not the case in the broader international context, and especially in Asian countries, where most of the judicial sale of vessels take place.

In this context, the CMI is working on an International Convention on the judicial sale of ships and their recognition, the text of which was approved at its Hamburg Assembly in 2014.

The Draft is being promoted in search for support in the different States, with the aim to convince UNCITRAL (United Nations Commission on International Trade Law) of the need for its approval in a Diplomatic Conference.