MAR with better conditions to compete internationally

The amendments to the legal framework of the International Shipping Register of Madeira - MAR recently approved by the Portuguese Government, removed some of the obstacles that were preventing the registration of a considerable number of vessels, particularly in what regards the registration of mortgages.

The approved amendments introduce the simplification of procedures relating to the formalities for the creation, modification and termination of mortgages and their registration at the Private Commercial Register of Madeira's Free Trade Zone.

These changes are the result of an intensive and articulated technical work between S.D.M., the Regional Government of Madeira and the National Authorities responsible for the maritime sector, which made it possible to proceed with these measures, identified by the market as being fundamental to enhance the competitiveness and further growth of this sector of the International Business Centre of Madeira.

For S.D.M., "this decision of the Portuguese Government will meet, in fact, the requirements set by the best international practices in the maritime sector and clearly reinforce MAR's ability to attract international shipowners and contribute to the development of the Portuguese flag".