In April 2022, the Baltic and International Maritime Council (BIMCO) released the SHIPSALE 22, its own ship sale and purchase agreement and the latest iteration in a line of highly successful SALEFORMS that have been widely adopted by the market for second-hand ship sale and purchase.
BIMCO has adopted the backbone of the SHIPSALE 22’s well-known predecessor, the NORWEGIAN SALEFORM 2012 (NSF 2012). However, there are key changes that make the SHIPSALE 22 a more user-friendly document following wide consultation and certain market developments, which is likely to assist in streamlining its negotiation.
A copy of the SHIPSALE 22 can be downloaded from BIMCO’s website. Within this insight we explore below some of the highlights, starting with the changes that are most likely to make negotiation of the form and closing the deal more efficient.