5.1 Importance of security interests in shipping

International shipping is a high-risk business that, by its nature, involves vessels and cargoes on distant voyages beyond the immediate control of the parties. Expenses and potential liabilities can be very high, emphasising the need to protect the interests of the parties involved. The international character of shipping and the rapid movement of ships worldwide impose the need to protect the ship's creditors when she fails to pay her debts or causes damage. Consequently, maritime law has developed its own security system, with mortgages and maritime liens as the primary instruments for securing the claims.1