Singapore Launches the Sale of Ships Under The Singapore Form
The first book to provide a practical annotation to the Singapore Ship Sale Form
SINGAPORE, April 8, 2013 - LexisNexis Singapore (www.lexisnexis.com.sg), a leading global provider of content and technology solutions, and the Singapore Maritime Foundation (SMF) today announced the launch of the Sale of Ships Under The Singapore Form publication.
The launch of the Sale of Ships Under The Singapore Form publication marks a key milestone for the Singapore Ship Sale Form (SSF). The publication seeks to be a definitive guide on the SSF: one that provides readers with a detailed clause-by-clause commentary of the SSF, the case law from which it has drawn inspiration and highlights the key differences between the Singapore Ship Sale Form and other alternative forms. The publication also features useful tips, providing readers with the essential reference tool for the negotiation, closing and enforcement of any ship sale, including the details of Singapore arbitration proceedings.
“The Sale of Ships Under The Singapore Form publicationwill be the definitive guide to the Singapore Ship Sale Form. We certainly welcome this publication as it would serve as a good and practical reference resource for maritime professionals who are involved in the sale and purchase of vessels,” said Mr David Chin, Executive Director, Singapore Maritime Foundation.
Today, Asian shipowners control about 50% of the world's merchant fleet. As Asia's economic powerhouses, China and India, continue to witness rapid levels of economic growth and the centre of gravity of global shipping steadily shifting towards Asia, ship sales and purchases will increase exponentially. Maritime arbitration and disputes cases in the region are also expected to rise. In response to the Singapore and Asian maritime community’s call for an alternative form that would better cater to their needs, SMF had launched the SSF in 2011. To date, more than 200 known ship sale and purchase transactions worldwide have used the SSF as their Memorandum of Agreement (MOA) of choice.
“LexisNexis is proud to be involved in this ground-breaking project. We pride ourselves as being the leading publisher to address game-changing developments like the Singapore Ship Sale Form,” said LexisNexis Southeast Asia Managing Director, Mr Bart Sjoerdsma.
The launch, held at Marina Mandarin Singapore, saw a crowd of more than 90 maritime professionals including shipowners, arbitrators, shipping lawyers, ship brokers and charterers amongst others attended the event. As part of the launch, several leaders in the maritime scene including Mr David Chin, Executive Director, Singapore Maritime Foundation, Mr Bart Sjoerdsma, Southeast Asia Managing Director, LexisNexis and Mr Lee Wai Pong, Executive Director, Singapore Chamber of Maritime Arbitration gave their remarks about the significance of this publication. At the launch, Mr David Chin also urged the participants to provide feedback and suggestions on other possible forms or new initiatives they would like to see changed in the maritime industry so that SMF can explore these suggestions and spearhead new initiatives that would be beneficial for the maritime industry in the long run.
Renowned maritime legal experts and authors of the Sale of Ships Under The Singapore Form publication, Mr Charles Debattista, Member, Stone Chambers in Gray’s Inn and Mr Filippo Lorenzon, Director, Institute of Maritime Law, University of Southampton and Consultant, Campbell Johnston Clark LLP in London also shared key highlights about the Singapore Ship Sale Form and this new publication. Mr Charles Debattisa shared his insights on selected clauses including Clause 15 and other key clauses and highlighted how the SSF has cleverly placed Singapore as a default seat of arbitration and yet allows for the English law to be used if the parties of the form so choose to use. Co-author, Mr Filippo Lorenzon also highlighted some recent real-life cases which showed that SSF has indeed prevented litigation and commended that SSF is a great and interesting development that has affected the market quite significantly. He also thanked Mr David Chin, Executive Director of the Singapore Maritime Foundation for his contagious enthusiasm and strong support to bring this publication to fruition.
In the panel session moderated by renowned maritime lawyer, Dato Jude Benny, Managing Director, Joseph Tan Jude Benny LLP, the participants and authors exchanged views and shared their observations on the Singapore Ship Sale Form, including the provision of guarantor in the box, indemnity-related clauses the SSF amongst others. The Sale of Ships Under The Singapore Form is available for purchase at LexisNexis online bookstore: http://www.lexisnexis.com.sg/store
About LexisNexis Legal & Professional
LexisNexis® Legal & Professional (www.lexisnexis.com) is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content, to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. Part of Reed Elsevier, LexisNexis Legal & Professional serves customers in more than 100 countries with 10,000 employees worldwide.
About Singapore Maritime Foundation
Established in 2004, the Singapore Maritime Foundation (SMF) is a private sector-led organisation that seeks to develop and promote Singapore as an International Maritime Centre (IMC). As the representative voice for the commercial players of the maritime industry, SMF seeks to forge strong
partnerships with the public and private sectors of the maritime industry. SMF spearheads initiatives to promote the diverse clusters of the maritime industry in Singapore and at international frontiers, and to
attract young talents to join the sector. SMF is directed by its Board of Directors which comprises prominent leaders in the Singapore maritime community. For details, visit www.smf.com.sg
Ms Vivian Sia
Associate Director, Marketing
Ms Kua Qiu Xin
Senior Executive, Marketing
Ms Dorothy Ng
Corporate Communications & Development
Singapore Maritime Foundation