This one-day course delivers a focused overview of the ship sale and purchase process, including the main forms used in global ship sale and purchase agreements and an introduction to essential aspects such as the vessel’s condition and delivery terms, financial aspects and payment of the purchase price. Non-performance and dispute resolution form another key part of the programme and covers aspects such as force majeure, breaches by the buyer or seller as well as the significance of entire agreement clauses, applicable law and arbitration in resolving disputes. Finally, the programme addresses post-delivery considerations. By the end of the day, participants will have a comprehensive understanding of the legal and practical dimensions of ship sale and purchase transactions.
Discounts
10% group discount is available for registering 3 or more participants from the same company.
Participants signing up to both the Time Chartering Masterclass on 3 and 4 February and the Sale & Purchase Seminar on 5 February will be able to benefit from a 10% discount (in addition to a group discount, if applicable). If you wish to sign up for both courses, please send an email to training@bimco.org and we will sign you up and ensure that you receive the applicable discount.
What will you learn?
Some of the topics the course will cover are:
- Overview of the main forms (Norwegian SALEFORM, SHIPSALE 22, NIPPONSALE, Singapore Ship Sale Form)
- Structure and function of the Memorandum of Agreement (MOA) in ship sale and purchase
- Physical condition of the vessel, including sale by description and inspection regimes
- The negotiated purchase amount and all relevant costs (such as commissions, taxes, and registration fees)
- Sellers’ obligation to deliver the vessel free from encumbrances
- Examination of the choices of governing law and arbitration, including the entire agreement clause
- Overview of dispute resolution options
- Payment considerations
- Pre-delivery timetable
- Delivery process, including the financial closing meeting and documentary requirements
- Post-delivery considerations such as finalising documentation, transferring ownership and registration, and addressing any outstanding contractual obligations or claims
Why choose to participate?
This one-day course demystifies the complexities of vessel sale and purchase, providing participants with a clear, structured overview of the key forms, essential procedures and critical considerations throughout the entire process. By highlighting the most important elements and potential pitfalls, the course empowers attendees to navigate transactions with greater confidence and expertise.
You will be taught by hand-picked industry experts who have built a career out of solving complicated issues related to sale and purchase of ships. They will share valuable experiences and point participants towards practical solutions, which can be used directly on the job.
The course will also facilitate networking between international shipping peers and enable long-term relationships between the participants.
The seminar is aimed at all practitioners involved in sale and purchase of ships, and who wish to boost their knowledge and become more proficient in the entire process of selling and buying second-hand vessels.
How will this course help your professional development?
Selling and buying ships is a specialised business area, with the potential for huge profits, or losses! Disputes are common and having the best possible understanding of the allocation of risks and responsibilities helps to avoid unnecessary or futile disputes.
The course will help you identify the potential challenges in advance in this complex environment and enables you to ask the right questions to the parties involved, thereby helping you to understand and explain your own risks and exposures.
After the course, you will have a deeper understanding of the fundamental issues related to sale and purchase, the flow of documentation and how risks can be mitigated. You will be better able to understand and anticipate the procedures involved, both as a buyer and a seller.
Course materials
BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes using a computer or tablet. Please bring a computer or tablet! All documentation and presentations will be in English.
Note
Lunch and coffee breaks are included in the course fee.
Accommodation and transportation are not included and must be arranged individually.
