Ship Sale and Purchase

The module provides students with a comprehensive analysis of Company Law, with particular reference to the types of ship owning companies, state corporations and offshore companies. Furthermore, issues of Incorporation, procedure followed and prerequisites before the initial establishment of a shipping company are discussed in detail. In addition, the procedures related to ship’s purchase (Shipbuilding contracts and second hand vessels, offer, counteroffer, negotiations and relevant procedure through brokers, Norwegian Sale form, Nippon sale, acceptance and legal implications) are evaluated based on practical examples. The module proceeds with an assessment of the legal aspects of shipping finance, with particular relevance to the types of shipping finance, loan agreement, mortgage and deed of covenants, pledge of shares, assignment of earnings, assignments of insurances, mortgagees’ interest policy, personal and corporate guarantees, collateral securities, events of default, mortgagees’ remedies. Moreover, the matters related to the delivery of a vessel (Legal and physical delivery, delivery documents, delivery procedure, joint account, money transfer, payment of the purchase price) are analytically presented and finally emphasis is placed upon procedures concerning ship registration and deletion (State flags and flags of convenience, procedure, prerequisites, registry certificates).

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