There is currently no international instrument that addresses the recognition of judicial sale of ships, or is there any instrument that adequately protects purchasers from prior claims and which addresses the de-registration on re-flagging and re-registration of ships from and to national registries. As there is no such instrument, then, in this regard, maritime transportation is neither secure nor effective and hinders rather than promotes global trade. Thus the recognition of foreign judicial sale of ships is fundamental to international maritime transportation. The Comite Maritime International has prepared a draft convention on the international recognition of foreign judicial sale of ships and hopefully the same shall reach its logical conclusion. We shall continue to advice interested shipowners on the intricacies of the draft convention and how it will affect shipowners if and when it is adopted as an international instrument and takes the force of law.