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SHIP SALE AND PURCHASE

The Sale and Purchase of a ship is one of the fundamental transactions underlying the legal and economic experience of the global shipping industry. There are three main stages for the sale and purchase of a ship which include the negotiation and contract stage, the technical inspection stage and the completion. For each of its different stages, it includes different important issues and regulations. A registered ship or a share therein shall be transferred by a bill of sale. SnP transactions are usually exectued by means of a Memorandum of Agreement (MOA) which contains:

  • Description of ship and its accessories,
  • Purchase price and terms of payment,
  • Mortgages and other encumbrances,
  • Place and date/time of delivery,
  • Condition of ship at time of delivery,
  • Right of assignment.

Our team  provides legal assistance throughout this whole process including, the drafting of addenda to the MoA, rider clauses, sellers’ and purchaser’s documentation and attendance and coordination of deliveries at closing meetings.

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