Sale and purchase of vessels is one of the most important undertakings of our firm. Our firm deals with sale and/or purchase for both second-hand and new-built vessels, and also deals with the ship-building contracts. The vessel types range from Offshore vessels, MOPU, Tugs, Barges, Accommodation Barges, General Cargo vessels, Bulk Carriers, Kamsarmax, Tankers and Research vessels. We assist ship-owners for registration both under Indian Flag and Foreign Flags. The principal method of owning a ship is the purchase of a new or existing ship. Prior to the purchase of the vessel, we negotiate the terms of the contract, namely, the Memorandum of Agreement and the Addenda thereto which defines the rights and obligations of both the parties and allocates risks to be borne by the parties. We ensure that the documents required by the Flag registry of the Buyers are met with and that the purchase is accurately and competently drafted. This is done to cover all contingencies and problems identified with the vessel, on behalf of the Buyers or the Sellers.
We assist with drafting the terms of the new building construction contracts for the Buyers with regard to purchase of new building vessels. We provide assistance in drafting and vetting the various agreements associated with the sale including ship and crew management contracts and performance guarantees. Our firm instills full trust in the prospective Seller or the prospective Buyer . and attends to the entire process of the transactions till the deal is completed. Our firm is actively involved in advising foreign banks on mortgage registration of the vessels bought by Indian Companies in the Indian Shipping Registry. Our firm also handles the registration and discharge of mortgages on the vessels in the Indian Shipping Registry and also in the Indian Register of Companies. Our firm acts on behalf of banks and financial institutions. We advise them on various compliance, regulatory and other general banking matters to ship finance in India.