Arias, Fábrega & Fábrega acted as counsel to Danish Ship Finance A/S in the re-financing to Navalmar (UK) Limited, an international shipping company of cargo transportation services, in connection with the re-flagging of two (2) Maltese vessels to the Panamanian registry, and the re-flagging of a Panamanian vessel to the ship registry of Bahamas.

In the re-flagging process it was important to continue the lien of the mortgage existing over the Panamanian vessel in favor of Danish Ship Finance A/S, as security for the original facility agreement to Navalmar (UK) Limited.  In doing so, the Maltese vessels, once registered in Panama, were incorporated into the lien of the Panamanian mortgage, and thus, the creation of a fleet mortgage.  Simultaneously, the Panamanian vessel was registered in the Bahamas Ship Registry, and the fleet mortgage was partially released, without affecting the lien over the new vessels.