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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 

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