Lenders Set Sail for Calmer Waters: Mortgages with Executorial Power as Loan Collateral to Be Introduced for Registered Vessels

In 2021, the Indonesian Government issued Regulation of the Government No. 31 of 2021 on the Organization of the Shipping Sector (“Regulation 31/2021”). As its title suggests, this framework addresses a wide range of matters that specifically relate to the shipping sector, including seaports, navigation, vessel security and other areas.  It should be noted that the main provisions set out under the framework of Regulation 31/2021 were previously summarized in the following edition of Indonesian Legal Brief (“ILB”): “Govt. Updates Legal Framework for the Organization of Shipping Businesses”.

However, as a follow-up to the issuance of Law No. 66 of 2024 on the Third Amendment to Law No. 17 of 2008 on Shipping (collectively referred to as “Shipping Law......