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SMF garnering support for ship sale form listing on Bimco’s IDEA.2

SMF garnering support for ship sale form listing on Bimco’s IDEA.2
Singapore Maritime Foundation (SMF) is whipping up support for the Singapore Ship Sale Form (SSF) to be listed on Bimco’s IDEA.2.

SMF chairman Michael Chia said at yesterday’s Singapore Nite at Nor-Shipping, “To make the Form even more accessible and user-friendly, SMF is currently in the midst of garnering support from the maritime community for the SSF to be listed on Bimco’s Charter Party Editor IDEA.2. The inclusion of the SSF would mean that members of Bimco would be able to work with the SSF in the same way as other Bimco forms with the ease of editing and assurance of authenticity.”

The Form, SMF’s brainchild, is already endorsed by the Federation of ASEAN Shipowners’ Associations, and strongly supported by the Asian Shipowners’ Forum. It features clearly defined clauses that are reflective of current S&P practices.

Chia said that the SSF has been gaining momentum since its launch, with more than 200 known S&P transactions to date.

On SMF’s efforts to garner wider support for the Form, Chia said, “We are happy that a number of Bimco members, as well as some of the major ship owners, managers and brokers, have signed a petition to show their support that the inclusion of the SSF on Bimco’s Charter Party Editor would be a welcome move.”

SMF and Bimco had worked closely previously, particularly in the run-up to Singapore’s acceptance as an Asian arbitration seat in Bimco contracts.

This “milestone moment”, Chia said, signified the international recognition of Singapore as a key node of the global maritime network.

“Going forward, SMF together with the stakeholders of the Singapore maritime community will continue to provide thought leadership and further Singapore’s position as an international maritime centre contributing to the sustainability of global shipping.”