The Companies (Amendment) Bill 2018 was passed by the parliament
of Singapore on 6 August 2018. The Bill exempts shipowners'
liens created under shipping contracts from the requirement of
registration under section 131 of the Companies Act of Singapore.
This amendment is in response to the recent Diablo Fortune
case, and preserves existing industry practice regarding such
liens, while ensuring that these liens retain their fundamental
nature as a security.
Introduction
The primary focus of the Companies (Amendment) Bill 2018 (the
"Bill") is to provide that a
shipowner's lien over freight, sub-freights, sub-hires or for
any amount due under any charter no longer needs to be registered
pursuant to section 131 of the Companies Act (Cap. 50, 2006 Rev Ed)
(the "Companies Act"). Under the
proposed amendments, 'shipowner' will include a registered
owner, a disponent owner or a bareboat charterer of a ship.
