What must a captain do before securing a loan for a ship?

The captain must obtain the owner's authorization before securing a loan for a ship because the owner holds the legal title to the vessel and is responsible for its financial obligations. A captain, while tasked with the day-to-day management and operational decisions for the ship, does not possess the authority to encumber the vessel without the owner's consent. This requirement is crucial to ensure that the interests of the owner are protected, as obtaining a loan can significantly impact the ownership and operational status of the ship.

In the context of maritime commerce, this principle safeguards the financial arrangements and commitments related to the ship. Without obtaining proper authorization, the captain risks overstepping their authority and jeopardizing the legal and financial standing of both the ship and the owner.