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Singapore Ship Sale Form
The Singapore Ship Sale Form (SSF) was officially launched by SMF on 6 January 2011 in response to the pressing need by the Asian maritime community for a viable up-to-date alternative ship sale form to meet the changing regulations and practices in the sale and purchase of second-hand vessels.
The form is the culmination of years of effort by SMF and the National University of Singapore’s Centre of Maritime Studies. The centre was commissioned by SMF to research and draft a new SSF that would enhance the existing ship sale and purchase practices and procedures, taking into consideration new regulatory and business developments. SMF also received input from maritime organisations and professionals, including maritime lawyers, ship
bankers, shipbrokers and shipowners across the region.
Specially tailored to cater to the Asian market, the SSF is structured to be:
• Balanced by addressing the needs of both
the buyers and the sellers of vessels in Asia
• Comprehensive by being in line with the
latest S&P practices
• Convenient for the Asian shipping
community by providing an Asian venue for
arbitration
• Easy to use with all essential details stated
on one page
• Unambiguous by clarifying and defining all
essential terms
• Up-to-date with changes in maritime
Endorsed by both the Asian Shipowners’ Forum (ASF) and the Federation of ASEAN Shipowners’ Associations, this user-friendly form has been used in over 200 known sale and purchase transactions since its launch.
NYPE 2015
In collaboration with the copyright holder the Association of Ship Brokers and Agents Inc. (ASBA), BIMCO and SMF introduced a new version of the New York Produce Exchange Time Charter Form (NYPE) on 15 October 2015. It is the form’s first update since 1993. NYPE is the standard form of time charter party most widely used in the dry cargo sector of the maritime industry.
and banking regulations
The NYPE 2015 reflects changes in commercial practice and recent legal decisions. It includes many of the clauses commonly added by users over the years as well as frequently made amendments into the main body of the contract. This helps users to reduce the risk of overlooking key clauses, or of adding clauses which may conflict with other
provisions.
The complexity
ofshipsaleandpurchase
transactions calls for a form
which is well-balanced and
thorough. The SSF offers a cost-
disputes where Singapore is the
default seat of arbitration.
– Mrs Gina Lee-Wan SMF Board Member and Partner, Allen & Gledhill LLP
efficient alternative for settling any
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SINGAPORE MARITIME SERVICES GUIDE 2017/2018