This transaction involved the acquisition from the Shipyard of the offshore construction vessel Micoperi Pride (Cecon Pride); which was under a special registration in Canada while under construction, and mortgaged thereunder.  The vessels was to be purchased by Cecon Shipping and mortgaged under NIS in favour of the Security Trustee, almost simultaneously the vessel would enter the Panamanian registry, be mortgaged also in favour of the Security Trustee, and subsequently sold to FTAI under financing by CIT.

The complexities and coordination of logistics and legal issues on cross border basis as to keep track of the mortgagee's interest in each phase and calculating all procedures, represented a real challenge to all jurisdictions involved.  ARIFA's role was relevant as to coordinate and attend to matters, from a leading perspective in respect to logistics so far as all would end up being completed under the Panamanian registry. There were a number of technical issues to be looked after, including ISM and ISPS considerations, risks on transfer of ownership and to accommodate for transfer in between changes of registry also to include possible tax issues, which also for foreign tax purposes depended on the Panama law aspects and advice as to such elements of possible transfer and change of flag, from Panama law perspective for such purposes. 

It is important to mention the reliability and trustworthy earned by our Partner in charge and Shipping Department, where it is agreed by all such parties to use ARIFA as counsel to parties that otherwise would tend to use separate Panamanian lawyers, as in this case, first buyer, sellers, the underlying companies and the bond trustee, all with separate counsel foreign counsel.