Panaconti Shipping Co., S.A. v. M/v Ypapanti, Her Engine, Tackle, and Apparel, Etc., in Rem

E. GRADY JOLLY, Circuit Judge:

The holder of a ship mortgage, who sued to foreclose on the mortgage, appeals the district court’s dismissal of the complaint for lack of in rem jurisdiction over the vessel and for forum non conveniens with respect to the in 'personam claim against the shipowner. Finding that a stipulation executed by the parties at the outset of the litigation adequately supports the court’s jurisdiction over the vessel and the parties, we reverse and remand.

I

On July 11, 1986, Panaconti Shipping Company sold to Unity Shipping Company the vessel now named M/Y YPAPANTI for…