When a party buys or sells a Venezuelan Flag vessel, a lot of legal work is required, as well as documentary work with the Venezuelan Ships’ Register. This is also the case when vessels are given or taken under bareboat charter, as Venezuelan law requires registration of Bareboat Charter Parties. Additional documentary work is required if the buyer plans for the vessel to sail within Venezuelan waters or to fly the Venezuelan flag; or if it intends to delete this flag
We have handled many of these transactions, acting for buyers, sellers and financing banks, and have the experience and knowledge to assist our clients for sales under the NSF or any other forms.
Banks and other financial institutions that are providing financing for new ownership or refinancing of owned vessels also require legal assistance, including risk assessments, opinions on applicable Venezuelan law, recordation of change of title and corporate authority and formalities to complete the respective sale-purchase agreement. If, as is usually the case, a Venezuelan or foreign ship mortgage is to be placed on the vessel, formal requirements must be met for the mortgage to be registered with the Venezuelan Ships’ Register, as required by Venezuelan law. We help you navigate through this complicated process to insure that you comply with all applicable Venezuelan law requirements and successfully complete registration.
