The Singapore Maritime Foundation and the Singapore Shipping Association are presently developing a new form for the sale and purchase of ships.
Increased shipping activities in Asia means more maritime business is being transacted in this part of the world, resulting in Asia's growing influence within the global maritime industry.
The SSA and the SMF felt it was timely to introduce a new, standardised form to provide a competitive environment for Asia-based ship sale and purchase transactions within the framework of updated shipping regulations and recent banking practices.
Shipbrokers, shipping lawyers, shipowners, shipmanagers and shipping agents were encouraged to participate at the draft stage when was first proposed in April 2010 by the president of the SSA, Mr. SS Teo.
The draft form is still at the consultative stage, although the form's proponents are planning introductory seminars in major Asian port cities later this year, towards its official launch early in 2011.
Acceptance and use of this new form for ship closing will ensure Singapore's role as a regional and international maritime hub and, given that the form designates Singapore as the location for arbitration, contribute to its position as a maritime arbitration centre.