On the 6th of January, 2023 The President of Lithuania signed the amendments to the laws regulating commercial and safe shipping initiated by the Ministry of Transport. For these amendments in 2022 July 22 Investors’ Forum provided comments. We are glad that the new project answers the questions we raised regarding the regulation of the sale and purchase of ships.
In the new law amendment, ships (with the exception of SDG-storage) are legally equated to movable objects. This decision will help to improve investments in the shipping sector and encourage the registration of sea vessels in the Lithuanian Register of Sea Ships. Other changes were also approved, which include: more favorable conditions for establishing a shipping company, establishing the possibility for the pilot to guide the ship remotely, the possibility for citizens of OECD and NATO member states to become a captain, etc.
The new amendments to the Merchant Shipping Law will help strengthen the competitiveness of the Lithuanian maritime sector and create new job opportunities. The changes to the laws will enter into force on May 1st, 2023.