Law firm Squire Patton Boggs (SPB) has partnered with freight market information organization The Baltic Exchange to provide a vessel sale and purchase (S&P) transaction closing service for the global shipping industry. The service will be led by SPB’s 30-strong Commodities & Shipping Group co-chaired by Chris Swart and Barry Stimpson, and will be underpinned by the Baltic Exchange’s independent Singapore-based escrow operation.
The Baltic Exchange’s escrow service is already used for a wide range of transactional work, including the sale and purchase of vessels.
SPB partner Brian Gordon said, “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 chief executive Mark Jackson said, “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.”