Law company Squire Patton Boggs (SPB) has actually partnered with products market info company The Baltic Exchange to offer a vessel sale as well as acquisition (S&P) deal shutting solution for the worldwide delivery market. The solution will certainly be led by SPB’s 30-strong Commodities & & Shipping Group co-chaired by Chris Swart as well as Barry Stimpson, as well as will certainly be underpinned by the Baltic Exchange’s independent Singapore- based escrow procedure.
The Baltic Exchange’s escrow solution is currently made use of for a vast array of transactional job, consisting of the sale as well as acquisition of vessels.
SPB companion Brian Gordon stated, “We are launching this service to provide a one-stop service for shipowners and offer support for every aspect of a vessel sale or purchase. These include preliminary negotiations, inspection and the due diligence of the vessel, advising on and finalising a Memorandum of Agreement, preparation of documents and vessel for delivery as well as closing of the transaction. In partnering with the Baltic Exchange, an independent and renowned provider of trusted shipping benchmarks, we are able to offer a secure, best-in-class service where we can act in the best interests of shipping clients and provide the high standard of service they deserve.”
The Baltic Exchange president Mark Jackson stated, “This partnership will deliver a vessel S&P transaction closing service which is second to none. As an organization which is owned by the Singapore Exchange (SGX) Group and compliant with Monetary Authority of Singapore (MAS) anti-money laundering requirements, users of the service are assured of a high quality and independent escrow support from the Baltic Exchange for their transactions. Secure escrow accounts are maintained with two leading AA-rated banks in Singapore.”
