Buying a ship is a structured process

Buying a ship is a structured process that involves commercial, technical, and legal steps. Here’s a clear, industry-standard overview:

1. Define Your Requirements

Decide what you need:

• Vessel type (bulker, tanker, container, offshore, etc.)
• Size, age, and specifications
• Intended use and trading area
• Budget and financing plan

2. Market Search

A shipbroker identifies suitable vessels on the market using:

• Owner listings and private sales
• Market intelligence and comparables
• Price guidance based on current market conditions

3. Make an Offer

You submit a firm or indicative offer including:

• Price
• Payment terms
• Inspection conditions
• Delivery location and timeframe
  Negotiations follow until main terms are agreed.

4. Memorandum of Agreement (MOA)

Once terms are agreed, both parties sign an MOA, which sets out:

• Legal and commercial terms
• Deposit amount (usually 10%)
• Conditions precedent

5. Inspections & Due Diligence

• Technical inspection (condition, machinery, structure)
• Class and statutory records review
• Optional sea trial
  You may renegotiate or withdraw based on findings.

6. Financing & Documentation

• Arrange bank financing or internal funding
• Prepare closing documents (Bill of Sale, deletion certificate, class transfer, etc.)
• Coordinate with lawyers, flag state, and class society

7. Closing & Delivery

• Balance payment is made
• Ownership transfers
• Vessel is delivered “as is, where is”
• Ship enters buyer’s management and operation

8. Post-Delivery

• Register vessel under chosen flag
• Update insurance, class, and certifications
• Commence trading or operations

💡 Tip: Using an experienced shipbroker and maritime lawyer is essential to manage risk, pricing, and documentation.