Vessel mortgage hindering scrubber finance, WFW argues
Owners finding it difficult to finance scrubbers because lending banks often cannot obtain security where a mortgage is already in place, according to an analysis from law firm Watson Farley & Williams
Banks are reluctant to lend without security interest in collateral, and once a scrubber is installed it becomes an ‘appurtenance’, and therefore subject to existing first mortgagee’s lien, say John Kissane and Charles Buss