Asset Recovery: How It’s Done

Philip Rankin, Maritime Asset Recovery and Protection MARAP Service

The MARAP Service – Maritime Asset Recovery and Protection – has now operated for four years and assisted secured creditors (banks and investors) in maximizing their financial recovery by recovering and securing mortgaged ships, if appropriate moving them to favorable jurisdictions, and assisting in disposal. This work is a delicate operation requiring the utmost tact and diplomacy to be carried through properly. An example from MARAP’s casebook illustrates what the work sometimes involves.

The ship was monitored by MARAP (who had been appointed by the first mortgagee Bank) from its departure from South Africa on a voyage to Brazil laden with a coal cargo. The ship was sailing on a fifth Class extension and the crew onboard had not been paid for 13 months. In the Brazilian port, the ship was cut off from supplies and credit.

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