Transfers and transmissions of ownership, the registrations, transfers, transmissions and discharges of mortgages and the change of the ship’s name and the alteration of its particulars must be recorded in the Register of Cyprus Ships.
The relevant application, in each case, must be made by a local registered advocate acting on behalf of the interested party and should be addressed to the Registrar of Cyprus Ships.
The relevant documents may be deposited with the Registrar or abroad with a consular officer following instructions issued by the Registrar.
The relevant transaction may be effected by the Registrar or abroad by a consular officer following instructions issued by the Registrar. Transactions effected abroad are recorded in the Register as from the date and time they have been effected by the consular officer.
Transfer of Ownership
The documents required for the Transfer of Ownership transaction can be found in the checklist under the heading “Documents required for the transfer of ownership of a vessel registered in the Registry of Cyprus ships”.
Change of Ship's Name
When the change of name is approved, a period of 3 days must lapse from the date of application before the new name can be marked on the ship and the ship’s documents be endorsed to this end. It should be noted that no two ships registered under the Cyprus flag may have either the same or closely similar names.
Deletion of the ship
A ship must be deleted from the Register as soon as its ownership is transferred to a person (legal or natural) not qualified to own a Cyprus ship.
A Cyprus ship may also be deleted from the Register on application of the owner of the ship in order for the same to be registered in a foreign registry.
A closed Transcript of Registry is issued by the Registrar and a Deletion Certificate is issued by a consular officer as soon as the registered mortgages and other encumbrances are discharged and all pending matters are settled. Notwithstanding the issue of the Deletion Certificate, in all such cases of deletion, a closed Transcript of Registry issued by the Registrar must be obtained.
The documents required for the Deletion of the Ship transaction can be found in the checklist under the heading “Documents required for the deletion of a Cyprus ship”.
Mortgages
Once a ship has been registered in the Register, either provisionally or permanently, a mortgage can be created thereby securing a loan or other financial obligations on conditions agreed to by the parties. The creation of a mortgage on a foreign ship which is allowed to fly the Cyprus flag under the registration of a bareboat charter in Cyprus is not allowed.
A mortgage once created must be deposited with the Registrar or with a consular officer following instructions of the Registrar. Whether deposited with the Registrar or with a consular officer, the mortgage is recorded in the Register as from the date and time of its deposit and remains an encumbrance on the ship until discharged by the mortgagees.
If the ownership of the ship on which a mortgage was created is registered in the name of a company which has been incorporated under the laws of Cyprus, the mortgage will also have to be registered with the Registrar of Companies within a maximum period of 42 days after its creation. The mortgagee’s security is thus protected in the case of liquidation of the company in question.
Transfers and transmissions of a mortgage may be effected by completing the statutory form of transfer or transmission and submitting it to the Registrar or to a consular officer following instructions of the Registrar.
In order to discharge a mortgage, a memorandum of discharge will need to be duly executed by the mortgagee. It will then have to be attested and delivered to the Registrar or a consular officer following instructions of the Registrar.
The relevant documents required for the transactions related to mortgages can be found in the following checklists: