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FOC Presentation

FOC Presentation

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Published by Sarath Chandran

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Published by: Sarath Chandran on Jun 04, 2011
Copyright:Traditional Copyright: All rights reserved

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06/04/2011

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FLAG OF CONVENIENCE
SARATH CHANDRAN PR310210017MBA PSM 2010-12
 
SHIP REGISTRATION
Every ship should be registered in a FLAG STATE.
( Certificate of Registry)
Ship of a flag state is bound by the Duties and National obligations of 
that flag state.
There are 5 major types of Ship registration system :-a. National or Domestic Registryb. Open registry or Flag of Convenience (FOC)
c. Bareboat Charter or Parallel registries
d. International Registriese. European Union registration System ( Proposed)
 
FLAG OF CONVENIENCE
It’s
thebusinesspracticeofregisteringamerchantshipinasovereignstatedifferentfromthatoftheship'sowners,andflyingthatstate'scivilensignontheship.ITFdefinedanFOCasfollows:"Wherebeneficialownershipandcontrolofavesselisfoundtolieelsewherethaninthecountryoftheflagthevesselisflying,thevesselisconsideredassailingunderaflagofconvenience."

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