By Raphaël MORENON
18 March 2025
The maritime mortgage is an essential guarantee for the maritime business. It enables shipowners to obtain financing for the acquisition or construction of ships. Let's find out more about this special legal mechanism. I. Presentation of the maritime mortgage Definition and legal nature The maritime mortgage is a security interest in a vessel without dispossessing the owner. It gives the creditor the right to have the ship sold in the event of non-payment and to be paid in preference to the price. Although the ship is a movable, the maritime mortgage borrows several characteristics from immovable mortgages. This is due to the high economic value of ships. History The modern origins of maritime mortgages date back to the laws of 10 December 1874 and 10 July 1885. These laws created a legal instrument tailored to the needs of maritime trade. Prior to this reform, maritime credit was mainly based on the "prêt à la grosse aventure", an old mechanism...
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