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MMG Tower, 23rd Floor Ave. Paseo del Mar, Costa del Este Panama City Rep. of Panama

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Morgan & Morgan advised Tri Marine International in the constitution of Maritime Mortgage for an amount of up to US$4,800,000.00

Thursday, 31 July 2014 / Published in expertise, Rivas Gianela, Ship Finance and Registration

Morgan & Morgan advised Tri Marine International in the constitution of Maritime Mortgage for an amount of up to US$4,800,000.00

Morgan & Morgan and García & Bodán Honduras, worked together to constitute a Maritime Mortgage in favor of their client Tri Marine International for an amount of US$4,800,000,00, which supported various fishing contracts signed between Tri Marine and its providers worldwide, to provide funding.

Tri Marine is an important tuna provider (yellowfin, between others), the company operations include a refrigerated fleet of fishing vessels that operates in the Pacific, together with other affiliated and hired vessels. It also operates more than a dozen of processing plants around the world.  In this sense, both law firms provided legal services in order to prepare and formalize a mortgage over a vessel with Honduran flag. The ship responds for the obligations generated as the result of the line of credit that was granted by Tri Marine so that the foreign society, owner of the vessel, could continue its operations under international regulations, as well as the parameters established by the Tri Marine, who subsequently sells its product.

The transaction which involves companies from different nationalities that respond both through their vessels registered in Honduras as well as in other jurisdictions, as well as solidary guarantors of different nationalities.

In the transaction participated Vanessa Oquelí from García & Bodán Honduras, and Gianela Rivas from Morgan & Morgan Panama, both with extensive experience in maritime issues.

Morgan & Morgan y García & Bodán Honduras, trabajaron en conjunto a fin de constituir una Hipoteca Marítima a favor de su cliente Tri Marine International por un valor de US$4,800,000.00 la cual respaldaba diversos contratos de pesca firmados entre Tri Marine y sus proveedores a nivel internacional a quienes brindan financiamiento.

Tri Marine es un importante proveedor de atún (aleta amarilla entre otros), sus operaciones incluyen una flota de buques pesqueros refrigerados que navegan por el Pacífico, así como los barcos de pesca contratados y afiliados. También opera más de media docena de plantas de procesamiento alrededor del mundo. En este sentido, ambas firmas prestaron sus servicios jurídicos con el fin de preparar y formalizar hipoteca sobre una embarcación con bandera hondureña. El buque responde a la línea de crédito que le fue concedida por Tri Marine para que la sociedad extranjera propietaria de la embarcación pueda proseguir con su operación de captura de atún bajo las regulaciones internacionales, así como los parámetros establecidos por el Tri Marine a quien posteriormente vende su producto.

La transacción se vuelve compleja al involucrar sociedades de distintas nacionalidades que responden tanto a través de sus embarcaciones registradas en Honduras, así como fiadoras solidarias de distintas nacionalidades.

En la transacción estuvieron involucradas las abogadas Vanessa Oquelí  de García & Bodán Honduras; y Gianela Rivas de Morgan & Morgan Panamá, quienes cuentan con amplia experiencia en tema marítimos.

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