The Role of the Flag Administration in Difficult Times

By Jorg Molzahn, and Brad Berman, Liberian International Shipping and Corporate Registry

The worldwide credit crunch has placed many burdens on shipowners and their financiers.  And while no one wants to be perceived as “talking down” the market, it would be irresponsible for flag administrations not to be examining their obligation to assist.

Let’s begin with a short question and answer –

Has the Liberian Registry been approached to lay-up ships?  Yes.

Have Recognized Organizations/Class Societies called to discuss withdrawal of class on ships free of recommendation for failure of an owner to pay outstanding fees?  Yes – one.

Are any Liberian flag ships presently subject to arrest proceedings? Yes – Two.

Are nervous financiers calling to check on the status of their mortgages?

This is only an excerpt of The Role of the Flag Administration in Difficult Times

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