20.1 Introduction and background

20.1.1 A chapter on the leasing of ships to raise finance merits inclusion in this book, or even a book in its own right. A financier's interest under a leasing transaction is, on its face, entirely different to that of a financier under a traditional loan financing secured by a mortgage. Under a leasing transaction the financier's interest is its ownership of the ship and its rights as lessor of that ship, rather than that of holder of a mortgage over the ship as security for a loan.