We invest for your needs
SALES & PURCHASES (S&P) BROKERAGE
We do that with our vast collective experience, knowledge and expertise.
Our trusted reputation for delivering services to the maritime industry has been established for more than 20 years and it is a heritage we are extremely proud of.
Today we deliver integrated solutions through business and strategic partners and expertise offices around the globe, across Ship Management, Shipbroking, Commercial Vessel Management, Logistics, and a range of Technical Service.
Procurement. It’s a diversity of solutions that meets almost every customer need in our industry today, and indeed tomorrow.
Our wide knowledge of the market and the bulk of information received allow us to act as ship valuators of bulk carriers and tankers and in this respect we are frequently called upon to provide evaluations for ship owners and financial institutions.
Our role as Sale & Purchase brokers at "AC" is neither restricted in providing our clients with market information on ships to buy or sell nor negotiating a particular transaction on their
We are trying to offer the little bit that makes the difference in our business, by providing our clients with quality services in a personal and professional manner, which should finally assist them on their vital decision making.
Main details and contract preparation
The main details involve the object of the deal (the vessel), the time frame of the transaction and the main terms, i.e.
- The detailed description of the vessel,
- The laydays to be inserted in the MoA and
- The ship’s price and the main terms.
The completion of the above will be confirmed to the contracting parties (the Sellers and the Buyers) with a recap email.
At this stage terms can be further negotiated.
When everything is agreed and the deal is outright i.e. accepted without any reservations by the parties, the formal sale contract, the Memorandum of Agreement, will be drafted and signed, triggering the 10% of the ship price deposit in an escrow account.
Inspection of Ship, Records and Documents
Following the 10% deposit the Buyers can inspect the vessel and its classification society records.
The latter will reveal the history of the ship’s maintenance and failures and the inspector will be looking for repetitive repairs of the same item.
The former physical inspection of the ship, sometimes referred to as superficial inspection, involves the boarding of the vessel by a professional inspector to assess the general condition of the ship and the validity of its certificates.
The Buyers should check the mortgage record of the vessel and the maritime lien record.
Completion of the transaction - Closing & Delivery
The final inspection of the vessel prior to delivery can take place afloat following a class approved diver’s inspection report that underwater parts and ship bottom are in good order, or in drydock.
Once the Buyers give their final approval after the inspection of the vessel the date for the meeting for the closing can be agreed, i.e. the meeting of the two parties, their legal advisors, the shipbrokers and bank representatives, in which the deal will be concluded and the ownership will be transferred to the Buyers .
The physical delivery of the vessel follows after a Notice of Readiness has been issued by the Sellers.
During delivery-which ideally should coincide with the end of the closing meeting – the remaining bunkers onboard are measured and paid for by the Buyers and a Protocol of Delivery and Acceptance is signed by the representatives of the parties at the place of delivery.
Thereafter the responsibility for all matters is transferred to her new owners.
The vessel is delivered to her new Owners:
- without crew onboard,
- free of chartering obligations (unless otherwise agreed),
- free of all weights and encumbrances (i.e. mortgages and liens) and
- free of any other debts.
Any outstanding encumbrances discovered after delivery do not constitute a reason for contract termination (as this is a breach of a Warranty under English law which only gives the right to claim compensation).
Main delivery obligations of the Sellers
The ship must be delivered:
- Substantially in the same condition as at the time of inspection.
- With class maintained, free from any outstanding class recommendations or notations.
- Free from any damage affecting class.
- With clean and valid national and international certificates.
- With clean cargo spaces, free from any cargo