Ship Sale and Purchase
Preston Turnbull advises clients on all aspects of ship sale and purchase transactions and disputes, from contract negotiation to delivery and beyond. We have extensive experience arbitrating disputes under English law in London and other jurisdictions, as well as litigating at all levels of the English courts. Our experience covers vessels of all ages and sizes, including end‑of‑life tonnage and offshore units.
Experience
Negotiation and drafting of ship sale and purchase contracts
Negotiation and drafting of escrow agreements
Sale and leaseback arrangements
Advising on the delivery process and representing clients at closing
Pre‑delivery disputes, including readiness to deliver, documentary compliance, delays and extensions of cancelling dates
Post‑delivery disputes, including claims relating to transfer of title, encumbrances, class and condition
Termination disputes, including the right to claim the deposit and other damages
Security proceedings, including associated ship arrests
Disputes with lenders and mortgagee sellers, including issues arising from repossession and enforcement
Examples of Recent Work
The Lila Lisbon (Great Asia Maritime Limited v Orion Shipping and Trading LLC) – acting for sellers in appeals before the High Court, Court of Appeal and Supreme Court, concerning a buyer's entitlement to loss of bargain damages when terminating under clause 14 of NSF 2012 due to the seller’s default.
Acting for sellers in a dispute concerning alleged breaches of the class warranty under Norwegian Saleform 2012.
Acting for sellers defending claims of alleged misrepresentation and breach of MOA relating to the condition of a vessel on delivery to buyers.
Advising sellers on their termination rights under clause 13 of NSF 2012 and bringing claims in London LMAA arbitration against buyers to recover losses following termination.
Acting for buyers in a London arbitration bringing post-delivery claims against a mortgagee seller for losses sustained as a result of a defective transfer of title by sellers.
Acting for buyers in an SCMA arbitration bringing post‑delivery claims under clause 9 of NSF 2012, where sellers were in breach of the warranty of non‑encumbrance and liable to indemnify buyers for losses arising following the post‑delivery arrest of the vessel.
Acting for buyers to recover the deposit following their lawful termination under clause 14 of NSF 2012 where the vessel was not at the delivery location by the closing date and there were deficiencies in sellers’ delivery documentation.
Advising first-time buyers on MOA terms and assisting with negotiations with sellers for the purchase of a USD 21million general cargo ship.
Advising on the structuring and negotiation of a long‑term bareboat charter with a purchase option in respect of an offshore unit, including the drafting of a substantial bespoke escrow agreement for holding hire and purchase funds.
