Bank and “club” guarantees as sufficient collateral for maritime claims

The application of maritime enforcement mechanisms other than detention (arrest) of ships is still relevant. Participants of the maritime transport market continue to incur losses due to downtime of ships in Ukrainian sea ports caused by their detention (arrest), even when this could have been avoided without risk to creditors, as ship owners are usually willing to provide adequate collateral for another type of maritime claim in exchange for the release of ships.

The practice of releasing ships by providing other types of securities by shipowners is quite common around the world. However, despite the obvious advantages and efforts of the maritime community, Ukraine is not in a hurry to adopt international experience, which negatively affects the image and attractiveness of our state.

The full text of the article can be found here:
https://yur-gazeta.com/publications/practice/morske-pravo/bankivski-ta-klubni-garantiyi-yak-dostatne-zabezpechennya-morskih-vimog.html