ECONOMY

BIMCO and NSA launch new edition of SALEFORM

BIMCO and the Norwegian Shipbrokers? Association (NSA) announced this week the launch of the new edition of SALEFORM — the shipping industry?s most widely used agreement for the sale and purchase of secondhand ships.

SALEFORM 2012 builds upon the international success of its predecessor, SALEFORM 93, while retaining the accepted general principles and familiar structure of the 1993 edition.

The decision to revise SALEFORM followed consultations with the global secondhand ship sale sector, which felt that the industry would benefit from a modest update of this widely used agreement.

Care has been taken to avoid the agreement becoming overly prescriptive.