How to Sign an Assignment of Title by a Registered Owner

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Print your name, the date you're selling the vehicle and the price of the sale.

Fill in the odometer reading, if necessary. In Tennessee, for example, an odometer reading is only required on vehicles newer than 10 years.

Sign your name as the seller, where indicated.

Give the form to the buyer. She should fill out her name and address and then sign as the buyer.

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Strategies for documenting vessel acquisition and financing transactions

Cherie stephens   bock ruthanne   hammett margie   krumholz january 11, 2017.

This article originally appeared in the Winter 2017 issue of the St. Louis Bar Journal

Whether parties are looking to sell one vessel or 1,000 vessels, well-written documentation setting forth the parties’ negotiated and agreed-upon terms is essential. While a vessel transfer may be accomplished with a simple bill of sale, most parties choose to formalize the transfer with a comprehensive purchase agreement that includes customary contractual provisions. A well-written agreement anticipating and addressing the potential issues, in addition to what the clients thought were the “business terms,” will provide guidance in resolving any disputes and in the long run reduce the chances of litigation.

This article discusses key provisions found in most vessel purchase agreements and provides drafting tips for the transactional attorney involved in vessel acquisitions. The second part of the article addresses various issues that frequently arise during the financing of vessels, whether as part of an acquisition or as part of a stand-alone financing transaction. 

Vessel Acquisition

The central document governing the purchase and sale of a vessel or vessels is the purchase agreement. [1]  A typical vessel purchase agreement looks very similar to any other asset purchase agreement and generally includes standard provisions such as closing logistics, representations and warranties, covenants, conditions to closing and closing deliverables, and indemnification, as well as general miscellaneous contractual provisions such as governing law, integration, amendments, etc. 

Listed below is a brief summary of provisions generally present in vessel purchase agreements. Depending on the size and nature of the overall transaction, one or more of these provisions may be limited in scope or perhaps eliminated if unnecessary to the closing. 

  • Asset Identification, Closing Logistics, Purchase Price This section of the agreement often delineates the specific vessels and other associated assets (such as equipment, contracts and charters) subject to the transaction, the time and place of closing, the purchase price and any excluded rights or obligations. For transactions with multiple vessels, it may be preferable to attach a schedule to the agreement setting forth the vessel names, official numbers (if Coast Guard documented), state identification numbers (if registered in a state), and the portion of the purchase price allocated to each vessel. While it is important to adequately specify the assets subject to purchase and sale by the parties, it is equally advisable to address which assets of the seller are not subject to the agreement to avoid any future confusion or disagreement. Agreed-upon forms of the transfer documents such as the bill of sale [2] and the assignment and assumption agreement [3]  may be attached as exhibits to the agreement. Agreement between the buyer and the seller on the specific time and place of transfer is important for various reasons, including determining responsibility for risk of loss and determining tax liability. Vessels operating in interstate commerce could be in different states and subject to differing tax liabilities.
  • Representations and Warranties  The purchase agreement should contain customary representations and warranties given mutually by the buyer and the seller, such as existence, power and authority, due authorization, no conflict, enforceability, no litigation, and receipt of required consents. Buyers and sellers in vessel transactions may also include a representation related to U.S. citizenship. [4] Specific seller representations and warranties may include compliance with and no default under charter documents, good title to vessels, no liens or other encumbrances, and no event of loss with respect to the vessel. Specific buyer representations and warranties may include diligence [5] and non-reliance as well as purchase in the ordinary course of buyer’s business. Additional disclosure schedules or exhibits may be attached to the agreement if necessary to address any of these foregoing items in detail.
  • Covenants A covenants section may be included in the agreement if there are particular items that need to be addressed by the parties post-execution of the agreement and/or after closing and delivery of the vessels. Examples of covenants may include allocation of revenues and expenses of the vessels (including revenue from any charter), actions required after signing (e.g. notification to charterer(s)), and/or a casualty or total loss event that occurs after execution of the agreement, but before transfer of title (risk of loss). 
  • Closing Conditions Many purchase agreements contemplate a “sign now, close later” structure. This section sets forth the requirements and deliverables necessary to finalize and close the transaction under such a scenario. Closing conditions for both parties may include a “bring down” of the representations and warranties set forth in the agreement, delivery of certain transfer documents, lien releases and/or payoff letters, satisfaction of any applicable statutory requirements and, for the seller, delivery of the purchase price. In addition, the buyer may require that the seller provide written consents (or waivers) required under the charter documents by the parties thereto. 
  • Disclaimer of Warranties Often a heavily negotiated provision, this section generally states that the sale of the vessels to the buyer is “as is, where is” and with all faults. [6] However, the delineated representations and warranties discussed above provided by the seller are generally excluded from this general disclaimer. For example, the buyer would generally expect a representation regarding good title, no liens and the status of the charter documents. However, due to the fact that the buyer is generally provided the opportunity to inspect the subject vessel(s) and evaluate a charterer’s financial condition and credit worthiness, the seller will often disclaim any other warranties related to the assets being sold. The scope of the disclaimer will also impact the seller’s indemnification obligations discussed below.
  • Expenses, Fees This section delineates the relative sharing of transaction costs and expenses between the parties to the agreement. Generally speaking, the parties to the agreement bear their respective expenses incurred in connection with the preparation, execution, closing and performance of the documents and the transactions contemplated thereby. The buyer normally pays the charges, fees and other expenses related to any and all searches of the National Vessel Documentation Center (NVDC) or the Uniform Commercial Code (UCC) obtained by the buyer in connection with the transaction, as well as and any NVDC filings covering the purchased assets in connection with the closing.  In addition, the buyer and the seller may represent that neither party has incurred any obligations relating to brokerage, finder or agent fees or commissions. If a broker or agent was used by any party to the transaction, such party will often indemnify the other party for any claims, including liens, associated with such fees. 
  • Taxes  The buyer and the seller normally agree to allocate the taxes [7] between them. Generally, pre-closing period taxes are covered by the seller, while post-closing period taxes are covered by the borrower. All transfer taxes [8] are generally borne by the buyer. The parties may also agree to cooperate by providing each other with information necessary or helpful to claim exemption from transfer taxes and prepare tax returns related to the purchased assets. 
  • Indemnification Each party will often mutually indemnify and defend and hold harmless the other party for claims [9] that arise or result from the untruthfulness of such party’s representations or warranties in the sale documents or a breach by such party of its covenants and agreements contained in the sale documents. In addition, the buyer may indemnify the seller for any liability of the seller assumed by the buyer or for which the buyer is responsible under the sale documents and for liability under the charter documents or ownership of the vessel(s) after closing.  The parties may agree that any indemnification payments be “grossed up,” including deductions, for tax purposes. The indemnification section should include language regarding notice of indemnity claims and may include a “basket,” or deductible, whereby the seller is liable for claims only in excess of such basket. The agreement may also contemplate a cap on the total amount of indemnified obligations required to be paid by a party, usually by the seller. The parties may agree that their sole and exclusive remedy with respect to any and all claims for any breach of any representation, warranty, covenant, agreement or obligation set forth or relating to the subject matter of agreement is pursuant to the indemnification provisions. The representations and warranties in the agreement (and as a result, the indemnification obligations) are often subject to a survival period negotiated by the parties.

Vessel Financing

Vessel financing, whether necessary in connection with a proposed acquisition or for an owner’s cash flow purposes or other capital needs, is generally structured as either a loan transaction or a lease transaction. In a traditional loan structure, the vessel owner retains title to the underlying vessels, and grants the lender a lien on the vessels to secure the loan. In a lease transaction, the lender (lessor) takes title to the vessels, and simultaneously leases the vessels to the lessee. With either structure, the borrower or lessee may immediately charter or sub-charter the vessels to a third party. [10]  

Lender Diligence

In both vessel lending and leasing transactions, lenders [11] will normally conduct a certain level of pre-closing diligence. Listed below is a brief summary of those items that are frequently required to be provided to the lender prior to closing: 

  • Appraisal  Most lenders will require a current appraisal of the vessels being pledged as collateral. This allows the lender to determine the maximum amount of the loan or, in the case of a lease, the remaining useful life of the asset and residual value with respect to the vessel or fleet of vessels. [12]     
  • Lien and Title Searches If a vessel is documented with the Coast Guard, the lender will require a review of the abstract of title of the vessel and the certificate of documentation. [13] If a vessel is titled with the state, the lender will require presentment of the current certificate of title and a review of any outstanding liens of record. In either case, any outstanding mortgages or liens noted on the abstract or the title may need to be released or subordinated prior to closing.  For vessels under construction or newly-built vessels, an abstract of title or certificate of title will not be available for review. As a result, it is advisable to obtain a certification from the shipyard or builder that the vessel is free and clear of all liens (including any liens or rights in favor of workmen, materialmen, subcontractors, crew or others) as well as a release or waiver by the shipyard or builder of any and all claims it may have against the vessel once the shipyard or builder has been paid.
  • Review of Contracts If a vessel is subject to a charter agreement (or if a charter agreement will be entered into as part of the closing), the lender will want to review a copy of the charter agreement to assess the charterer’s rights under the charter as well as to determine the revenue generated from the charter of the vessel. Likewise, if a vessel is part of, or will be placed into, a pool of vessels to be managed by a management company, the lender will want to review a copy of the management agreement. Again, the purpose of the review is to assess the management company’s rights and obligations under the management agreement as well as confirm the monthly revenue generated from the vessel’s placement in the managed pool. The review will also identify the rights of a charterer or manager to create liens on the vessel. For vessels under construction, the lender will ask for a copy of the construction agreement to assess timing of the construction process and evaluate the shipyard’s or builder’s rights and obligations under the construction agreement. In a lease financing, the lessor will need to take an assignment of the purchase agreement in order to take title to the vessel. The assignment will also give the lessor all warranties provided by the builder.

Financing Documentation

To document a vessel loan, most lenders will utilize their customary forms of loan agreement, promissory note, security agreement, guaranties and other standard ancillary documents. The security agreement for a vessel takes the form of a preferred ship mortgage. Similarly, leases will be documented by customary forms of lease agreements (commonly a charter), guaranties, and ancillary documents, including an assignment of the purchase agreement, as noted above for vessels under construction, or a purchase agreement if a sale/leaseback transaction.

For a vessel that is not documented with the Coast Guard, but is subject to a state certificate of title statute, an owner will need to grant to the lender a security interest by signing a security agreement with an appropriate granting clause. The lender’s lien is perfected by notation of the lien on the certificate of title. [14] For any Coast Guard documented vessel, a lender must file the preferred ship mortgage with the NVDC to perfect its lien in the vessel. [15] For all vessels, notwithstanding the documentation status, the lender should require execution of a general security agreement by the owner and the filing of a corresponding UCC financing statement to pick up personal property pertaining to the vessel, such as equipment that may not be deemed to be part of a vessel, accounts receivable and contract rights. 

In the case of a lease, the lessor must document title to the vessel (not just a lien) in its own name with the NVDC. The charter (or lease) between the lessor and lessee is not eligible to be recorded with the NVDC, but similarly to other equipment lessors, precautionary UCC financing statements may be filed against the lessee with respect to goods that may not be otherwise be covered by the NVDC filing and reference the vessels for purposes of identifying related assets. 

With respect to charter agreements, management agreements and construction agreements, in particular the lender may require a separate document to collaterally assign these agreements to the lender. In addition, the lender may seek the acknowledgment and consent of the third parties (e.g. the charterer, management company or shipyard/builder), to the assignment by the owner of these agreements. The third party consents serve to provide the lender a means to step into the owner’s shoes to enforce the owner’s rights under such agreements as well as receive direct payment of any revenue generated in favor of the owner from such agreements.

Because of the complexity and size of the underlying equipment and the involvement of governmental agencies like the Coast Guard, buyers, sellers and lenders are confronted with unique considerations when entering into vessel acquisition and financing transactions.  

In this article, we provided an overview of certain documentation considerations the parties on each side of a vessel acquisition transaction should make, as well as a summary of certain requirements often imposed by the lenders backing such an acquisition. Careful documentation during all stages of an acquisition and financing not only facilitates a successful transaction; it also ensures that all parties are protected if a dispute arises later down the line. 

[1] This article focuses on purchase and sale transactions involving the buyer and seller of existing vessels. For a transaction covering vessels under construction by a builder, a comparable agreement signed by the builder and buyer should be prepared, negotiated and executed by the parties. Provisions similar to those discussed in this article are often present in vessel construction contracts. [2] For Coast Guard documented vessels, the CG-1340 form Bill of Sale is recommended. [3] Typically used for transferring related charters and other intangible assets. [4] With a few limited exceptions, a buyer of a vessel must be a U.S. citizen (46 U.S.C. §50501 et. seq.) to engage in coastwise trade (46 U.S.C. §12112). [5] Diligence considerations may include a specific reference to a physical inspection of the vessels by the buyer as well as a review of the seller’s records associated with the vessels and any charters. [6] Sample disclaimer of warranties by seller: “The buyer acknowledges and agrees that the sale of vessels and the other purchased assets hereunder shall be ‘as is, where is’ and with all faults. Except as expressly set forth in this Agreement, Seller has not made, shall not be deemed to have made, and it hereby disclaims, any representation or warranty, express or implied, now or hereafter, as to the condition, size, design, capacity, operation, seaworthiness, maintenance, value, marketability, merchantability or fitness for use or for a particular purpose of the vessels or any other representation or warranty, whatsoever, either express or implied with respect to the vessels.” [7] This includes all federal, state, local and foreign registration, property, ad valorem, or other taxes, assessments fees and charges imposed by any governmental body. The seller is also liable for income taxes resulting from the sale of the vessels.  [8] Transfer taxes generally include goods and services, sales and all use, transfer or similar taxes, fees or duties assessed by any federal, state or local taxing authority arising out of the distribution, sale, transfer or assignment of assets, and/or any related fines, penalties and interest that are imposed in connection therewith, whether assessed to the buyer or the seller but excluding any taxes based on or measured by the seller’s income. [9] “Claims” are often defined broadly to include all liabilities, obligations, losses, damages, settlements, claims, actions, suits, penalties, actual costs and expenses (including, without limitation, reasonable fees and expenses of counsel). [10]  Certain financing structures may be preferred. Lease transactions, for example, often result in advantageous tax treatment for the parties. Owners and lenders should consult with their respective accountants, tax advisors and legal counsel regarding any proposed structure.  [11]  For ease of reference, and because in most respects they act and function similarly in these transactions, we refer to both lenders and lessors as “lenders.” [12] Vessel appraisers may use one or more of the following approaches to valuation: 1) The cost approach (the price a buyer will pay should equal the cost to acquire a substitute asset of equivalent utility); 2) The income approach (present value of future economic benefits) and/or 3) The sales comparison approach (appraiser analyzes comparable sales of similar assets). It is important to note that most lenders will not lend against the full appraised value, but instead require an equity cushion, depending on the creditworthiness of the vessel owner and/or the charterer/operator. Appraisals for leases assist in the determination of a fair market value purchase price. [13] Abstracts of Title (CG-1332) and certified Certificates of Documentation (CG-1270) are requested through the National Vessel Documentation Center. [14] See Section 9-311 of the Uniform Commercial Code. [15] The United States Code pertaining to the filing and recording of mortgages and related instruments is 46 U.S.C. §313. The applicable federal regulations are found in 46 C.F.R. Subparts O, P and Q, Sections 67.200-245.

Cherie Bock represents financial institutions and borrowers in various secured and unsecured lending transactions, including many different types of financings for the maritime industry. Cherie is a former bank examiner and analyst with the Federal Reserve Bank of St. Louis.

Ruthanne Hammett has over 25 years of experience in a wide variety of commercial finance transactions, including secured, unsecured, syndicated, working capital, acquisition and lease financing transactions. She is an active member of the Equipment Leasing and Finance Association and an elected member of the American College of Commercial Finance Lawyers.

Margie Krumholz has over 30 years of experience representing borrowers, lenders, lessors, and lessees in financing transactions, particularly in the maritime industry. She has worked on many complex financing structures, including transactions that have multiple tiers of debt secured by thousands of vessels. Margie serves as Chair of the Marine Financing Committee of the Maritime Law Association of the United States and is an elected member of the American College of Commercial Finance Lawyers.

Note: The authors would like to thank  Benjamin Swofford for their contributions to this article.

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assignment for vessel only meaning

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Marine Insight

Introduction To Ship Load Lines

If we try to define Load Line in the simplest fashion, it will be as follows:

“Load line is a special marking positioned amidships which depicts the draft of the vessel and the maximum permitted limit in distinct types of waters to which the ship can be loaded.” When the load line is drawn over the output characteristic curve in a graph, it makes contact at a point known as the operating point/ quiescent point or Q-point.

As a result of the numerous maritime accidents that have happened at sea due to the overloading of vessels, the significance of having a standard maximum limit for ships was identified long before. However, it took many years to have an International agreement for the universal application of Load lines.

It was in 1930 when the first International Load Line Convention took place, after which it was periodically amended until the latest one in 2003.

Ship Load Line

To make a complete comprehension of Load Lines, we must address the following questions:-

  • What is the purpose of Load Line?
  • Why is it necessary for ships to have Load Lines?
  • What exactly is a Load Line?
  • What is the marking on a Load line?
  • What are the different types of Load Lines?

Table of Contents

Purpose and Necessity of Load Lines

The Load Line concept emerged in Britain in the 1870s to prevent merchant ships from being overloaded. The fundamental purpose of a Load Line is to allow a maximum legal limit up to which a ship can be loaded by cargo. By prescribing such limits, the risk of having the vessel sailing with inadequate freeboard and buoyancy can be limited.

A vessel should have sufficient freeboard at all times. Any exceptions will result in insufficient stability and excessive stress on the ship’s hull. This is where load-lines play an essential role, detecting whether the vessel is overloaded and its freeboard tremendously effortless.

Lloyd’s Register has established a minimum freeboard requirement for its classed ships to ensure their good reserve buoyancy in heavy seas.

However, since the buoyancy and immersion of the vessel largely depend on the type of water and its density, it is not practical to define a standard freeboard limit for the ship at all times. For this reason, the load line convention has put regulations that divide the world into different geographical zones, each having a separate prescribed load line.

For example, A vessel sailing in Winter on North Atlantic Ocean will have a greater freeboard than on a voyage in Tropical Zones and Freshwaters.

Understanding Load Line Marks And Types

As we have already defined above, the Load Line is a special marking positioned amidships. All vessels of 24 meters and more are required to have this Load line marking at the centre position of the length of the summer load waterline.

  •  Standard Load Line marking – This applies to all types of vessels .
  • Timber Load Line Markings – This applies to vessels carrying timber cargo .

These marks shall be punched on the hull’s surface, making it visible even if the paint on the side of the ship fades out. The marks shall again be painted white or yellow on a dark background/black on a light background. The complete Load line markings consist of 3 vital parts.

  • Deck Line is a horizontal line measuring 300mm by 25mm. It passes through the upper surface of the freeboard.
  • Load Line Disc is a 300mm diameter and 25mm thick round-shaped disc. A horizontal line intersects it. The upper edge of the horizontal line marks the ‘Summer saltwater line’, also known as the ‘ Plimsol Line.
  • Load Lines – Load lines are horizontal lines are extending forward and aft from a vertical line placed at a distance of 540mm from the centre of the disc. They measure 230mm by 23mm. The upper surfaces of the load lines indicate the maximum depths to which the ships may be submerged in different seasons and circumstances.

S – Summer:- It is the primary freeboard line at the same level as the Plimsoll Line. Other load lines are marked based on this Summer freeboard line.

T – Tropical:- It is 1/48 th of the summer draft marked above the Summer load line.

W – Winter:- It is 1/48 th of the summer draft marked below the Summer load line.

WNA – Winter North Atlantic:- It is marked 50mm below the Winter load line. It applies to voyages in North Atlantic ( above 36 degrees of latitude) during the winter months.

F – Fresh Water:- It is the summer freshwater load line. The distance between S and F is the Fresh Water Allowance (FWA).

TF – Tropical Fresh Water is the freshwater load line in Tropical. It is marked above the T at an amount equal to FWA.

Watch the video explaining the Plimsoll line on the ship

Timber Load Line Markings

Ships engaged in the timber deck cargo trade must have a unique set of Load lines known as the Timber Load Lines. Such vessels shall comply with the Code of Safe Practices for Ships Carrying Timber Deck Cargo in construction and other requirements obtaining greater reserve buoyancy and lesser summer freeboard.

timber load line

Timber cargo vessels will have a second set of Load Lines marked like the standard load lines positioned 540mm above the centre loading disc.

The timber load line’s letter marking is different and prefixed by ‘L’, meaning ‘Lumber’.

LS – Lumber Summer:- Its upper edge marks the summer saltwater timber loading. It is situated at a specified level above the Plimsol line.

LW – Lumber Winter:- It is 1/36 th of the lumber summer draft below LS.

LT – Lumber Tropical:- It is 1/48 th of the lumber summer draft above LS.

LWNA – Lumber Winter North Atlantic:- It is at the same level as WNA.

LF – Lumber Freshwater:- It is situated above the LS by an amount equal to FWA.

LTF – Lumber Tropical Fresh Water:- It is positioned above LT by an amount equal to FWA.

International Loadline Certification

Every ship surveyed and marked in accordance with the present Load line convention is issued an International Load Line Certificate by the authorised administration. The certificate will have a validity of not more than five years and will contain all vital information, including the assigned freeboard and freshwater allowance.

It is to be noted that, after completion of a load line survey and issuance of the certificate, no changes shall be made to the superstructure, markings, equipment or arrangements covered under the survey. If such changes need to be made, the survey’s authorised authority shall be contacted.

Over to you.

Please go ahead if you have more points to mention on ship load-lines. We would like to see them as comments!

Frequently Asked Questions

1. what is a load line in shipping.

Also known as the Plimsoll Line, the Load Line is a marking that indicates the extent to which the weight of a load may safely submerge a vessel, by way of a waterline limit.

2. Where is the purpose of a load line on a ship?

They are horizontal lines extending forward and aft from a vertical line situated at a distance of 540 mm from the centre of a disc. They measure 230 mm by 23 mm. The upper surface of these lines indicates the maximum depths to which vessels can be submerged in different situations and seasons.

3. What is a summer load line?

It is the waterline up to which a ship may be loaded in seas during summers when waves are lower and less harsh than in winters.

4. Where are load lines exactly located?

It is said that a commercial carrier is adequately loaded when its waterline is equal to the plimsoll line which is located on the hull of a ship.

5. How many types of load lines are there?

There are two types of load line markings. The standard load line marking is applicable to all vessels and the Timber load line markings are for ships carrying timber.

You might also like to read

  • 15 Important Points To Consider While Preparing For Load Line Survey On Ships
  • Loads Acting On Fore And Aft Regions Of Ships – Strengthening Against Dynamic Loading
  • What Are Line Throwing Apparatus On Ships?
  • Real Incident On Ship: Oil Cargo Spill From Tank Washing Line Drain Cock
  • What is Plimsoll Line on Ships?

Disclaimer:  The authors’ views expressed in this article do not necessarily reflect the views of Marine Insight. Data and charts, if used in the article, have been sourced from available information and have not been authenticated by any statutory authority. The author and Marine Insight do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendations on any course of action to be followed by the reader.

The article or images cannot be reproduced, copied, shared or used in any form without the permission of the author and Marine Insight. 

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70 Comments

WHAT DOES THAT CIRCLE INDICATES IN THAT LOADLINES?

@ suamil Thanki:

The Circle in the loadline has two significance:

1. The circle with the line through it indicates whether or not the cargo is loaded evenly

2. In earlier days, the line in the circle was taken as a reference for maximum draught of the ship, which is now same as summer load line of the ship.

The circle is the load line disc and the letters on either of its side is simply the abbreviation of the classification society which has done the survey and issued the certificate. In the above image ‘AB’ is the abbreviation of ABS Classification Society.

Please read above the Load Line subtitle.

Well done fellow seaman. Bon voyage

@Sunil: Please post all your queries in our forum- https://forums.marineinsight.com

LOAD LINES ALSO IMPLY WATERTIGHT OF HATCHCOVERS, HATCHES, PIPES, BLOWERS, ETC

Just to correct you,

1) Stress & stability problems do not result from overloading. You might be loaded above the required load line marks but still have good GM and stresses well within limits and you might be half way from load line marks and still have unacceptable stresses. The purpose of load lines is to ensure vessel has sufficient reserve buoyancy (and not stress and stability).

2) The load lines zones are not divided on the basis of type of water & density (as claimed in this post) but on the basis of weather conditions in that geographical area that warrants the ships to be loaded lower (which is Winter Loadline) or above (which is Tropical loadline) summer loadline. Fresh water marks are given to give the indication of loading in fresh water so that when the vessel arrives at sea, she is at her allowed loadline.

Considering the rank of the author, Well Done.

Your inputs are well noted and the corrections are highly appreciated.

it’s answers my question..i help load/unload ships for seaboard/jacintiport, Houston…always wondered what the marks were for…

How many classification societies do we have?please name them.

If sea water density more or less remains same, then why ships draft reduces in winter north atlantic..ie how seasons causes draft changesss…

Classification Societies…

ABS – American Bureau of Shipping (USA) *Largest BV – Bureau Veritas (France) CCS – China Classification Society (China) DNV – Det Norske Veritas (Norway) GL – Germanischer Lloyd (Germany) IRS – Indian Register of Shipping (India) KRS – Korean Register of Shipping (Korea) LR – Lloyd’s Register of Shipping (UK) *Oldest NK – Nippon Kaiji Kyokai (Japan) RINA – Registro Italiano Navale (Italy) RS – Russian Maritime Register (Russia) CRS – Croation Register of Shipping (Croatia)

.In determining load line zones , both weather and density factors are included or on weather ?

.In determining load line zones , both weather and density factors are included or only weather ?

What is the difference between standard loadline and timber loadline???

timber loadline is assigned for ship carrying timber cargo on deck and standard loadline is for any type of ship.

Why there are two loadline certificates issued and only one used at a time??

Gd day to all

Pls clear my doubt why tropical is 1/48 . Thks Best regards.

The first illustrating diagram hand an error in the thickness value it should be 25 mm not 23 mm. Plimsol was a real good blissed person he was a cause to save other seafarers life from sinking at heavy weather sea.

Why would some would like to have a multiple load line certificate?

Hi friend I am shashank junior Engg I want to know why load line given at mid ship only

In addition, The WNA applies only to vessels less than or equal to 100 meters in length. Thank you.

Any one can tell me the meaning of the following abreviation SEP in maritime methodology Thanks a lot

what is the difference between plimsol mark and fresh water load line ?

please clear my doubt. if i load from winter seasonal zone what loadline shld. be follow the winter load line. or the summer load line ? is there any specific density for TF, F, T, S, W, WNA? What thats mean of 1/48 from summer to tropical / and winter?

Hi jack says, If you load cargo in winter seasonal zone, you have to load just to winter load line. This means your appropriate load line must be always above the water level in all seasonal zones throughout your voyage, thanks

What is minium summer load line

Eddie, that differs per ship

Hi, please clear my doubt, If vsl load in the tropical seasonal zone and discharge in the winter zone which load line need to use in the loading port.

why load line marking has standard dimension ?

on what criteria the loadline is detrmine for a particular vessel

A LOAD LINE CONDITIONS OF ASSIGNMENT SURVEY will be performed by the surveyor with following important criteria: Freeboard, Stability, Ship type, deck openings, watertightness arrangement etc.

why this figure 1/48 cmae,why not any other figure?

can you explain three conditions of load line law that would prevent a vessel proceeding to sea

Is there any derivation for 1/48….or just a rough number for density correction?

Hi dears Could you help me to find stability of Mr.Lester with solution way ?

can you explain how the draft marks 2, 4, 6….are read??? say suppose the waterline is just touching 2 then should we consider it as 2m or the 2 should be completely immersed to take as 2m

@Vamsi: 2 should be immersed to take the reading as 2.

please clear my doubt, If vsl load in the tropical seasonal zone and discharge in the summer zone which load line need to use in the loading port.

do winter loadline apply in australia

Hay Point is in the Tropical Load Line Zone. The area outside the Great Barrier Reef is in the South Pacific Seasonal Tropical Zone. Tropical: From 1 April to 30 November; Summer: From 1 December to 31 March.

How does a ship superintendent relate their job scope to load lines regulations during site duties?

Why do some cargo ships have more than one set of load lines marked, i. e. multiple load line.

@Hai: Multiple load lines are used when, for a period of time, a FG cargo ship has a need to operate temporarily with a greater freeboard than the minimum freeboard stipulated in accordance with the International Convention on Load Lines. IN Many ports, the port dues are calculated as per the deadweight of the ship and some ports have a restriction on maximum deadweight of the ship. with multiple ladling, the owners can reduce or increase the deadweight according to their requirement.

please help me this ques come on mca writen exam i couldn’t fiend the ans **explain the importance of EACH of the following with reference to the purpose of the load line survey. 1.bilge system 2.ballast system

Sir pls clear my doubt on these question when we can add 0.025 either water lineabove or below summer draft and wats the difference betwwen intial and present draft

How you calculate the height of loadline location?

Purpose of the disc in load line

@Capt. Madhu incorrect, the 2 should be on the waterline to take the reading as 2M

Can I load the vessel and exceed summer draft when I am in summer Zone. In example, my mean draft , amidship is 16,5, summer draft16,9, aft 17,1 fwd 16,1. In this scenario i have exceeded summer draft the stern, but at the plimsol mark, midhsip is not exceeded. Correct If I am wrong, but to fulfill the requirements the mean draft must not exceed the summer draft ?

How to check if the loadline is ad per the certificate? Procedure please ….

 Which load line you use in the month of July ( you are proceeding from IRAN to WEST coast of INDIA)

Why vessel less than 100 m are assigned to wna load line wile trading in winter in atlntic area

@Radek As per the LL convention, the ship cannot be submerged at the appropriate load line, in still water, at a density of 1.025kg/l. It is legal to load the ship to the load line and have stern trim.

@anscar Whatever zone the ship is sailing in is the loadline that the ship cannot exceed. You can exceed the summer draft in a tropical zone, consume fresh water and fuel oil to reduce the draft before you get to the summer zone.

Sir, please clear my doubt. Why timber Loadline is higher than the standard Loadline?

Which nautical publication will you find the load line zoning chart?

Hello, may I ask permission to use an image from this article. It is the image of the load line near the top of this page with credit Marine Insight. I would like to use this image in a children’s educational book called Extreme Science: Forces in a section explaining how ships float. It would be used very small, thumbnail-sized on an inside page.

Many thanks

@Rob: You can use the image, provided; due credits are given to the website.

Difference between star board load line and Port load line marking

Please what is all seasons load line, and how will implement it.

@Abdel Naseer: In the case of a ship being assigned a freeboard greater than minimum so that the load line mark is marked at a position corresponding to or lower than the lowest seasonal load, and line assigned at a minimum freeboard is in accordance with the calculation procedure, only the Fresh Water Load Line needs to be marked. Such load lines are termed “All Seasons Load Lines” and are illustrated in the photo.

I was reading the Wiki article on this subject, and the first image there has a Plimsoll line marked with a “C.” What does that mean. You can see it here: https://commons.wikimedia.org/wiki/File:733_how-deep.jpg

@Spencer hello. i have got two question about this all season load line Q1,If only Fresh Water Load Line need be marked, ships navigate in Tropical Fresh Water Area will bear a loss of freeboard by d/48. Are there any details can support to explain the reason of this amendment. Q2:Does the “lowest seasonal load line” includes the Winter Load Line?

Which ships need not to have a WNA mark?

Why load line is on both side of ship ?

Having the load line on both sides of the ship ensures that the ship’s draft can be easily and accurately determined from either side, regardless of the ship’s orientation or the position of the observer or stationing of the ship in port. Additionally, the load lines are also painted on both sides of the ship to meet the international maritime regulations, which requires ships to be marked with load lines in order to ensure that they are operated safely and to prevent overloading.

Having the load line on both sides of the ship ensures that the ship’s draft can be easily and accurately determined from either side, regardless of the ship’s orientation or the position of the observer or stationing of the ship in port. Additionally, the load lines are also painted on both sides of the ship to meet international maritime regulations, which require ships to be marked with load lines in order to ensure that they are operated safely and to prevent overloading.

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Shipping finance—assignment of insurances, earnings and requisition compensation

Published by a lexisnexis banking & finance expert, introduction.

The main forms of standard security taken in a ship finance transaction comprise a vessel mortgage (supplemented by a separate deed of covenant in jurisdictions which use a short form statutory mortgage such as the UK) and an assignment (often referred to as a 'general assignment') of the insurances, earnings and requisition compensation in respect of the vessel (for more information on the types of security, typically taken in shipping finance transactions, see Practice Note: Shipping finance—security and Precedent: Deed of covenant: for a ship mortgage).

Taking specific security over the insurances and earnings is especially relevant in shipping finance as the borrower will often be a single vessel owning company which will typically have no material assets other than the vessel and its insurances and income. In most jurisdictions (including those of the UK), a mortgagee of a vessel does not automatically obtain a security interest in the vessel's insurances. The mortgage is invariably governed by the law of the vessel's place of registration, whereas security over earnings and insurances is

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Key definition:

Standard security definition, what does standard security mean.

A form of heritable security.

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Multiple Load lines

assignment for vessel only meaning

Multiple Load-lines :

Purpose :  They are used when, for a period of time the vessel has to operate temporarily with a greater freeboard in accordance with the International Load-Line regulations.

– A number of ports have special requirements for maximum draft and deadweight for ship’s calling at them.

1. At the owner’s request, the recognized organization may proceed to issue the additional load-line certificate.

2. The load-line marks corresponding to the assigned freeboard shall be welded on the ship side and verified by the attending Surveyor.

3. The load-line marks corresponding to the additional certificate shall be cut or engraved on the ship side.

4. Only (1) set of load-line marks and the corresponding certificate shall be in use at any one time.

5. The Statutory Certificate shall reflect the maximum deadweight corresponding to the vessel’s assigned freeboard.

6. On owner’s request, the change of freeboard by a Surveyor from the recognized organization must supervise that the associated marks are painted and the old marks are removed.

7. The certificate pertaining to the unused mark shall be placed in a sealed envelope by the Surveyor and left in the custody of the Master.

8. In circumstances, where the Surveyor is not available, the change of load-line mark and certification may be carried out by the master, provided that arrangements for verification is arranged at the next port and has been agreed with the recognized organization.

9. Master shall make an entry in the official log-book and deck log-book on every occasion, that the load-line are changed.

10. Procedure for change in load-line shall be included in the vessel’s safety management system.

11. When sailing at a reduced dead-weight, there shall be no reduction in the safety standards.

12. During the statutory survey, regardless of the dead-weight at that time, the vessel’s shall be surveyed for compliance with the statutory requirements applicable to the maximum dead-weight.

13. Upon satisfactory completion of survey, the attending Surveyor shall endorse all the load-line certificate’s. e.g – On Oil tankers, Gas Carrier’s, Chemical carrier’s.

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    A vessel that operates only on a permanently fixed manufactured course and the movement of which is restricted to or guided by means of a mechanical device to which the watercraft is attached or by which the watercraft is controlled; A vessel owned by the United States, a foreign government or a state, or a political subdivision thereof, which ...

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  3. PDF Display Vessel Assignment

    Display Vessel Assignment Wednesday, February 02, 2011 Proprietary Page 7 of 12 Display Vessel Assignment Screen 7. In the Assigned field, select the check box to mark the vessel for assignment. (Note) Placing a check m ark assigns the vessel to your company. Removing the check mark from the check box unassigns the vessel from your company.

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    to a vessel pursuant to 33 C.F.R. Part 181, as amended. (16) "Lien creditor", with respect to a vessel, means: (A) a creditor that has acquired a lien on the vessel by attachment, levy, or the like; (B) an assignee for benefit of creditors from the time of assignment;

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    A time draft (or bill of exchange) which the drawee (the person or organization, typically a bank, who must pay a draft or bill) has accepted and is unconditionally obligated to pay at maturity. Drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity. An agreement to purchase goods under specified terms.

  8. Numbering and Decals

    Decals. A decal identifying the year that the vessel registration is valid will be issued with each registration certificate. The decal must be displayed on the port (left) side of the vessel, immediately before or after the registration number (see image below). Decals from expired registrations must be removed from the vessel.

  9. Introduction To Ship Load Lines

    The Load Line concept emerged in Britain in the 1870s to prevent merchant ships from being overloaded. The fundamental purpose of a Load Line is to allow a maximum legal limit up to which a ship can be loaded by cargo. By prescribing such limits, the risk of having the vessel sailing with inadequate freeboard and buoyancy can be limited.

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    The owner of a vessel exempt from the requirement for documentation under paragraph (c) of § 67.9 must either: ( 1) Apply for renewal of the endorsement by complying with paragraph (b) of this section; or. ( 2) Place the Certificate of Documentation on deposit in accordance with § 67.165. ( b) Renewal application.

  11. Shipping finance—assignment of insurances, earnings and ...

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  13. Multiple Load lines

    Only (1) set of load-line marks and the corresponding certificate shall be in use at any one time. 5. The Statutory Certificate shall reflect the maximum deadweight corresponding to the vessel's assigned freeboard. 6. On owner's request, the change of freeboard by a Surveyor from the recognized organization must supervise that the ...

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