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The United Nations General Assembly adopted the United Nations Convention on the International Effects of Judicial Sales of Ships (the Ship Sales Convention) on 7 December 2022. The General Assembly authorized a signing ceremony for the Ship Sales Convention to be held as soon as practicable in 2023 in Beijing and recommended the Ship Sales Convention be known as the “Beijing Convention on the Judicial Sale of Shipsâ€. The signing ceremony will be held on the 5th of September, 2023 in Beijing, China.
The Ship Sales Convention is a legal framework established by the United Nations to address the international sale of ships through judicial processes. The Ship Sales Convention aims to provide clear rules and procedures for such sales and ensure that the rights and interests of all parties involved are protected.
Under the Ship Sales Convention, when a ship is sold through a judicial process, the sale is recognized and given effect in other countries that are party to the Ship Sales Convention. This means that the buyer of the ship can acquire clear and marketable title to the vessel, free from any claims or encumbrances.
The Ship Sales Convention sets out specific requirements and procedures for the sale of ships, including public notice requirements, the right of a mortgagee to participate in the sale, and the transfer of any outstanding liabilities associated with the ship.
By establishing a uniform framework for the international sale of ships, the Ship Sales Convention aims to promote the development of international trade and increase transparency and predictability in maritime transactions. It provides a secure legal basis for ship sales and facilitates the financing and transfer of vessels between countries.
It’s important to note that the Ship Sales Convention only applies to ships and does not cover other types of maritime assets or vessels. Additionally, its provisions are not automatically applicable in every country; a country must explicitly ratify or accede to the convention for it to have legal effect in that jurisdiction.
In case you need any clarification or specific advise on the Ship Sales Convention, don’t hesitate to call on us.
The text of the Ship Sales Convention is available on the following link, i.e., http://www.okadvocates.com/blog/wp-content/uploads/2023/09/United-Nations-Convention-on-the-International-Effects-of-Judicial-Sales-of-Ships-text.pdf
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