Ship Sale and Purchase
Our lawyers have an in-depth knowledge of the standard form sale and purchase agreements including the standard NSF form (for commercial vessels) and the MYBA form (for yachts). We can assist with all aspects of the transaction, from negotiating the terms of the sale or purchase and drafting the agreement, to handling the closing. If the vessel is to be owned and operated as part of a joint venture, we can prepare joint venture and shareholders' agreements between the relevant parties.
The senior registrars of most ship registers know us well, and we in turn know their rules and procedures. Where local representation is required, over the years we have built up a wide network of contacts among overseas lawyers and corporate administrators to make the process as streamlined as possible.
We also regularly prepare and negotiate bareboat, time and voyage charters as well as long term contracts of affreightment, in each case tailored to the requirements of the relevant transaction and trade in question. In addition, we are experienced in handling pooling and capacity sharing arrangements for a wide range of vessel types.
Following a meeting of the BIMCO Documentary Committee last month, a series of new clauses and revised versions of existing contracts have been approved1. This alert will focus on the introduction of the new “Ship Sales Further Trading Clause 2023”2 (the “Further Trading Clause”) and why it is important for a seller (particularly of older but not recycling tonnage) to consider including such a cl [...]