Commercial Maritime Law

1. If exigent circumstances arise during the voyage, the master may pledge the vessel and its freight to secure a loan, and if such security is insufficient, he may pledge the cargo as well. In all cases, the master shall not take a loan except upon obtaining permission from the competent court having jurisdiction over the vessel if the vessel is in the Kingdom. If the vessel is outside the Kingdom, such permission may be obtained from the Kingdom’s diplomatic mission, or from a local judicial authority in the absence of such mission. 2. If the master is unable to obtain a loan, he may, upon the competent court’s approval, sell part of the cargo to the extent of the amount required. The master or the operator shall compensate the owners of goods which are sold based on the current price of goods of the same class and type in the port of discharge at the expected date of arrival. 3. Consignors or their agents may object to the pledging or the sale of the goods, and may require that such goods be discharged provided that the full freight is paid.