Regulations on Permission for the Export of Fishing Vessels Article 12

For any fishing vessel that has obtained the construction permit pursuant to Article 4, paragraph 1, it shall, within two years from the date of obtaining such permit, complete the construction and apply for the export certificate.Where construction has commenced after the construction permit is obtained but cannot be completed within the period as prescribed in the preceding paragraph, the shipyard may, prior to the expiration of such period, apply for an extension by submitting documentary proof of construction progress. Upon approval, the period may be extended for up to one year per extension, with a maximum of three extensions. However, if construction has not commenced before the expiration of the prescribed period, the original construction permit shall become void, and a new application shall be filed.