Ship Sale & Purchase

Whilst it is a bold claim to make, we believe that we have one of, if not the, best pedigrees in ship sale and purchase of any law firm operating in the maritime space. Our lawyers (literally) wrote the book on the sale and purchase of ships: “Ship Sale and Purchase” – published by Informa Law, Routledge and now in its 7th Edition – is co-authored by our partners, Matt Hannaford and Paul Turner, and is widely regarded as the leading practitioners’ legal text on the sale and purchase of ships and has been referenced in many reported judgments of the English courts and further afield.

In addition to authoring the authoritative legal text on the sale and purchase of ships our lawyers have been instrumental in the drafting of various standard form shipping industry contracts for the sale and purchase of ships. Our Matt Hannaford sat on the BIMCO drafting committee for the BIMCO Saleform 2012 and more recently on BIMCO’s own sale form, SHIPSALE 22.

The firm boasts a wealth of experience in drafting, negotiating and implementing contracts for the sale and purchase of second-hand ships and the team is experienced in advising on Saleform 2012, SHIPSALE 22 and the other standard forms including Nipponsale 1999 and Singapore Ship Sale Form 2011. We are also regularly involved with the increasingly regulated discipline of ship demolition and recycling.

Our expertise enables us to assist our clients purchasing a wide variety of types of ship and offshore units throughout the entire sale and purchase process, from pre-contract negotiations to the financial and documentary closing and delivery of the ship, and with the resolution of any disputes arising out of the sale and purchase process.

Where we are providing legal advice and assistance to our clients on the sale or purchase of a ship, we are also able to provide escrow services for the receipt, holding and release of the customary buyer’s security deposit and, if required, the balance of the funds payable by the buyer at the ship’s delivery.

Recent examples of our work include:

• Acted for a new entrant in shipping in its acquisition of two car carriers worth a combined $43,500,000
• Acted for a tonnage provider in the acquisition and financing of several car carriers (and related bareboat charters) and the later disposal of the fleet.
• Acted for an energy company on the acquisition of LPG carriers.
• Acted for a cruise line on the acquisition of two cruise vessels.
• Acted for the seller in an en-bloc sale of two crude oil tankers.
• Acted for the purchaser of a $33,000,000 second-hand oil tanker.
• Acted for the seller of an en-bloc sale of four tankers with a combined value of over $85,000,000.
• Acted for an energy company in a purchase and on-sale of an LPG tanker worth $17,500,000.