I. Presentation of Crédit Maritime
Definition and objectives
Maritime credit is a specialised financing mechanism designed to support activities linked to the sea. It is aimed primarily at fishermen, shellfish farmers and marine farming professionals. The aim? To facilitate the acquisition of vessels, modernise fishing fleets and develop aquaculture operations.
This system differs from traditional credit systems in its in-depth knowledge of the maritime environment. It takes into account the specific characteristics of this sector: seasonal income, particular risks and the need for expensive equipment.
History of Crédit Maritime Mutuel
Crédit Maritime Mutuel came into being at the beginning of the 20th century. The law of 4 December 1913 marked its true legal structure. This period coincided with the modernisation of small-scale fishing, which was moving from sailing to motorisation.
After the First World War, the institution played a crucial role during the economic crisis of the 1930s. Following the Liberation, maritime credit was developed to repair war damage.
In recent decades, technological developments and the growing importance of investments have made it necessary to adapt. As a result, the regional mutuals have become genuine banks, able to collect public savings.
Current organisation
Today, Crédit Maritime is organised around regional branches affiliated to the Caisse Centrale de Crédit Coopératif. Since 2008, Crédit Maritime Mutuel has merged with Banques Populaires, while retaining its own identity.
This organisation combines local maritime expertise with the financial strength of a major banking group. In this way, it maintains the cooperative and mutualist spirit that led to its creation.
II. Institutional framework
Maritime credit institutions
Crédit Maritime Mutuel operates through several types of establishment:
- Regional mutual maritime credit banks
- Mutual maritime credit unions
- A central maritime mutual credit company
- Regional popular banks
- Mutual guarantee companies
These structures are governed by articles L. 512-68 to L. 512-84 of the French Monetary and Financial Code. They have a special status that enables them to operate like banks while retaining their specific maritime character.
Mutual guarantee companies
Mutual guarantee companies play an essential role in the system. They guarantee loans granted to maritime professionals.
Their operation is based on a simple principle: borrowers become members and contribute to a collective guarantee fund. This mechanism reduces risk and facilitates access to credit for all members.
Links with banking networks
Crédit Maritime does not operate in a vacuum. It maintains close relations with other banking networks:
The link with Banques Populaires has been organic since 2008. This integration enables Crédit Maritime to benefit from the financial and logistical support of a major group, while preserving its own specific characteristics.
Crédit Coopératif remains a long-standing partner. Our links with this social economy bank go back to the origins of Crédit Maritime.
Guardianship and control
Like all financial institutions, Crédit Maritime is subject to supervision by the Autorité de contrôle prudentiel et de résolution (ACPR). This authority verifies compliance with solvency and liquidity standards.
Crédit Maritime also meets the requirements of the Autorité des marchés financiers (AMF) for its activities relating to public savings.
Its cooperative dimension also places it under the supervision of the Ministry of the Economy. Its maritime focus means that it interacts with the Ministry of the Sea.
III. Beneficiaries of loans
Fishing sector
Fishermen are the historic core of maritime credit beneficiaries. They are eligible for loans:
- Active fishermen
- Former fishermen who have worked for at least 5 years
- Persons unable to continue fishing for medical reasons
- Pensioners of the Caisse Générale des marins français (General Fund for French Seamen)
Maritime credit finances the purchase of fishing vessels, their modernisation and equipment. The loans also cover cash flow requirements linked to fishing seasons.
Sea farming
The aquaculture sector accounts for a growing share of funding. This includes
- Shellfish farmers (oyster farming, mussel farming)
- Marine fish farmers
- Seaweed growers
The loans are used to finance concessions, equipment (oyster tables, longlines, ponds) and farm buildings. They can also be used to cover the cost of modernising facilities.
Other eligible activities
Over time, Crédit Maritime has broadened its scope. Other professionals can now benefit from its financing:
- Seafood processing companies
- Companies extracting sand, gravel and marine soil improvers
- Professionals harvesting marine plants
- Certain maritime tourism activities
This extension reflects a broader vision of the maritime economy.
Access conditions
A number of conditions must be met to qualify for loans from Crédit Maritime:
Individuals must prove that they have a professional qualification appropriate to the activity being financed. For example, a captain's certificate for the purchase of a fishing vessel.
Legal entities (companies, cooperatives) must demonstrate that their activities fall within the maritime perimeter defined by the regulations.
In all cases, the project must be economically viable and comply with current environmental standards.
IV. Types of financing
Shipbuilding loans
The financing of new ships is a core activity of Crédit Maritime. These loans cover:
- Acquiring the hull
- Purchase and installation of the engine
- Navigation and safety equipment
- Tools specific to the activity (trawls, traps, etc.)
The repayment period for these loans varies between 10 and 20 years, depending on the type of vessel. The interest rate may be subsidised by the State or the European Union in certain cases.
Loans are generally only granted if the vessel is equipped to modern safety and fishing standards.
Equipment financing
Crédit Maritime offers a range of solutions for renewing equipment:
- Ready for engine replacement
- Appropriations for the acquisition of electronic equipment (radar, sonar)
- Financing on-board processing and conservation equipment
These loans have a shorter term, generally between 5 and 10 years. They enable ships to remain competitive without having to be completely renewed.
Campaign credits
Maritime activities are often highly seasonal. In response to these constraints, Crédit Maritime offers seasonal loans:
- Advances on future sales
- Inventory financing
- Coverage of operating costs during off-peak periods
These short-term loans (generally less than one year) help to maintain companies' cash flow.
Subsidised loans
Some loans benefit from preferential terms thanks to public grants:
- French government-backed loans
- Funding supported by the European Union via the European Maritime Affairs and Fisheries Fund
These subsidised loans are aimed in particular at
- Setting up young fishermen
- Modernising farms from an ecological perspective
- Developing craft businesses
Rates can be reduced by several percentage points compared with market conditions.
V. Specific guarantees
Maritime mortgage
A maritime mortgage is the preferred form of security in ship financing. It gives the creditor a real right over the vessel in the event of the debtor's default.
This guarantee must be in writing. It is entered in the register of maritime mortgages kept by the clerks of the commercial courts since 1 January 2022 (previously by the customs administration).
The mortgage extends to the body of the ship and all its accessories: machinery, equipment and fittings. It does not include freight, unlike maritime liens.
Marine insurance
Insurance is an essential additional guarantee. Maritime credit systematically requires the borrower to insure the goods financed against:
- Risks at sea (shipwreck, grounding)
- The fire
- Theft
- Water damage
- Natural disasters
This insurance must be taken out with a reputable company approved by the lender.
Insurance delegation
A delegated insurance mechanism completes the system. It provides that in the event of a claim, the insurance indemnity will be paid directly to the creditor up to the amount of the claim.
This clause is inserted in the loan contracts and an endorsement is drawn up in favour of Crédit Maritime.
In addition, group insurance may be taken out to guarantee repayment of the loan in the event of the borrower's death or disability.
Pledges and collateral
Other guarantees can supplement or replace the maritime mortgage:
- Pledging of machinery and equipment
- Pledging a registered vehicle
- Pledging of business assets
These securities make it possible to broaden the guarantee base, particularly for companies with onshore facilities.
Personal guarantees are sometimes requested. In this case, the guarantor undertakes jointly and severally to pay all the costs of the loan and expressly waives the benefit of discussion and division.
VI. Challenges and prospects
Developments in the maritime sector
The maritime sector is undergoing major changes that are having an impact on its financing:
- Reduction in the number of fishing vessels but an increase in their size and power
- Development of aquaculture and diversification of marine crops
- The emergence of marine renewable energies
- Digitalising maritime operations
Crédit Maritime must adapt its offerings to these changes while preserving its specific expertise.
Banking competition
Maritime credit is facing increasing competition from generalist banks, which are taking a growing interest in the maritime sector. This situation presents challenges:
- Maintaining competitive rates
- Retaining the sector expertise that adds value to the Group
- Developing services to complement financing
However, as part of the BPCE group, it is financially strong in the face of this competition.
Environmental issues
Ecological issues are profoundly transforming the maritime sector:
- The need to finance less polluting ships
- Adaptation to fishing quotas and protected areas
- Financing the energy transition in maritime activities
Crédit Maritime is developing specific offers to support this transition. Green loans" encourage environmentally-friendly investments on favourable terms.
Financial innovations
To remain relevant, Crédit Maritime is exploring new avenues:
- Participatory financing to supplement traditional loans
- Naval leasing to facilitate access to expensive equipment
- Financing solutions tailored to the circular economy
- Resilience" loans to cope with climatic hazards
These innovations testify to the adaptability of an institution that is more than a century old and has kept pace with the times.
Crédit Maritime is transforming itself to meet the new needs of the sector, while remaining true to its founding values of mutualism and local roots.
Sources
- Transport Code, articles L. 5114-8 to L. 5114-22
- Monetary and Financial Code, articles L. 512-68 to L. 512-84 and articles R. 512-27 to R. 512-46
- Decree no. 2016-1893 of 28 December 2016 on the provisions of Book I of the Transport Code
- Law no. 75-628 of 11 July 1975 on Crédit maritime mutuel
- Decree no. 76-1011 of 19 October 1976 on Crédit maritime mutuel
- JurisClasseur Notarial Formulaire, V° Navire, fasc. 30, updated on 11 January 2024
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