BELGIUM Law and Practice Contributed by: André Kegels, Kegels Advocaten
1.5 Temporary Registration of Vessels Temporary Registration A temporary registration is no more than a registration and a de-registration, which is possible in Belgium. Bareboat Registration Bareboat registration is possible in Belgium. If the bareboat charter provides for the vessel to enter another registry, the Belgian flag cannot be used for the duration of the bareboat charter. Also, a prior authorisation must be obtained from the authorities. For a Belgian vessel in a foreign register, conditions precedent for receiving an authorisation include: • contractual provisions in the bareboat charter agreement; • the authorisation of the holder of certain in rem rights; and • compatibility of the legislation of the receiving registry. For a foreign vessel in the Belgian registry, conditions precedent for receiving an authorisation include the authorisation of the owner and of the receiving flag state, which will check on the condition of the vessel. 1.6 Registration of Mortgages The Belgian Ship Registry, in Antwerp, maintains the registration of mortgages in Belgium. Ships, ships under construction, and ships undergo - ing conversion can be encumbered with a ship mort - gage. Prior to a ship being registered in the Ship Register, taxes must have been paid. The formalities are minimal. A ship mortgage can be established by an authentic or a private deed. The Belgian Ship Register requires the following informa - tion at the time of registration: • the date of the deed; • the form of the instrument and, if it is an authentic instrument, the indication of the public official from whom or the court from which it emanates;
• the surname and first names of the parties, in addi - tion to: (a) for natural persons of Belgian nationality, their national register number; (b) for natural persons of foreign nationality, their domicile; (c) for legal persons under Belgian law, their com - pany registration number; and (d) for legal entities under foreign law, the address of their registered office; and • the nature and main elements of the transaction. The following information is also required, where appropriate: • the amount and the due date of the interest, in addition to the deadline for repayment of the prin - cipal; • the conditions to which the claim is subject; • the stipulation of possession of the vessel; and • the choice of domicile. 1.7 Ship Ownership and Mortgages Registry The Ship Register is held in the Belgian Ship Registry and is open to public inspection. Certificates certifying the inscribed in rem and other rights can be obtained at minimal cost. There are no “typical” key terms and operative provi - sions of ship loan financing in Belgium. The financial structure will very much depend on the complexity of the financing required and the identity of lenders, borrowers and guarantors. The financing of a barge will be different from the financing of a holding with floating assetssuch as barges or seagoing vessels registered in different European registries. Simple lending is still provided by classical financial institutions. Usually with a simple hypotheque or mort- gage on the financed vessel. However, the pool of Belgian lenders is shrinking due to finance institutions concentrating their marine financing in a few European 2. Ship Finance and Leasing 2.1 Ship Loan Finance
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