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The purpose of this update is to provide Members with a summary of recent developments with regard to EU sanctions.

Contracts for the sale or hire of a ship will almost always specify a place of delivery which the ship has to reach before she can be sold or go on-hire. But what if circumstances change so that it becomes impossible for the ship to reach the designated delivery place? Some contracts provide a mechanism to deal with this problem, but even then disputes can still arise.

The current state of the market has resulted in an increased focus on the sale and purchase of second-hand ships. These transactions can, however, be fraught with potential pitfalls for both buyer and seller alike.

On 3rd June, 2022, the EU decided to adopt a sixth package of sanctions against Russia and Belarus. The relevant legislation implementing this latest package of sanctions can be found here. Of particular relevance to Members will be the ban on the import of Russian oil into the EU, and the prohibition on insurance for the transport of Russian oil to third countries.

Following a drafting and consultation process of more than two years, BIMCO has launched its first ship sale and purchase agreement standard form known as SHIPSALE 22.  BIMCO state that the purpose of the form is to provide the market with “a modern and comprehensive alternative” to the existing forms available with the aim of making the ship sale and purchase process more efficient.  SHIPSALE 22 is broadly based on the Norwegian SALEFORM 2012 (“NSF 2012”) but we highlight some of the key differences in our Insight.


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