Vessel Sale and Purchase
A vessel transaction is governed by the condition of the ship, the integrity of her class record, and the terms of the sale agreement. Shipwrights.com provides independent technical and commercial advisory throughout the sale and purchase process, from initial market appraisal through pre-acquisition survey to closing and delivery.
Pre-Acquisition Condition Surveys
Before any memorandum of agreement is signed, we conduct a physical condition survey covering hull structure, machinery systems, cargo equipment, and navigational electronics. Hull plating thickness is measured by ultrasonic gauging against the classification society's minimum renewal criteria. Main engine, auxiliary generators, and deck machinery are assessed for wear, operational hours, and outstanding manufacturer service bulletins.
Class Record and Survey Status
The classification society record is the vessel's structural and mechanical biography. We audit the survey status report from the appointed IACS member society, verifying that all annual, intermediate, and special surveys are current. Outstanding conditions of class, recommendations, and memoranda are identified, costed, and factored into the purchase negotiation. A vessel with deferred survey items carries a quantifiable discount risk.
Sale and Purchase Advisory Scope
| Service | Detail |
|---|---|
| Market Appraisal | Comparable vessel analysis across Cape, Panamax, Handymax, and Feeder segments |
| Condition Survey | Hull, machinery, electrical, cargo gear, and accommodation inspection |
| Ultrasonic Gauging | Hull plating and structural member thickness measurement against class minima |
| Class Record Audit | Full survey status, conditions of class, and outstanding recommendations review |
| Drydock Assessment | Underwater hull, rudder, propeller, sea chest, and anode condition reporting |
| Contract Review | MOA structuring under BIMCO SHIPSALE 22 or Norwegian SALEFORM 2012 |
| Delivery Attendance | Protocol of delivery and acceptance, flag state documentation, bunker survey |
Transaction Governance
Sale and purchase agreements are structured under established standard forms. The BIMCO SHIPSALE 22 contract and the Norwegian Shipbrokers' Association SALEFORM 2012 provide the principal frameworks for vessel transactions worldwide. We advise on deposit escrow, conditions precedent, inspection windows, and the allocation of risk between buyer and seller from heads of agreement through to the protocol of delivery and acceptance.
Frequently Asked Questions
What does a pre-acquisition condition survey cover?
A pre-acquisition survey is an independent physical inspection of the vessel's hull, machinery, electrical systems, cargo equipment, and accommodation spaces. Hull plating thickness is measured by ultrasonic gauging and compared against the classification society's minimum renewal criteria. Machinery is assessed for operational condition, outstanding defects, and remaining service life. The survey report forms the technical basis for purchase price negotiation.
What is the difference between SHIPSALE 22 and SALEFORM 2012?
Both are standard form sale agreements for vessel transactions. BIMCO SHIPSALE 22, published by the Baltic and International Maritime Council, reflects current practice on deposit mechanics, inspection rights, and delivery conditions. SALEFORM 2012, from the Norwegian Shipbrokers' Association, remains widely used in European and Asian markets. The choice depends on the transaction parties, jurisdiction, and flag state requirements.