US-based law firm Squire Patton Boggs (SPB) has teamed up with The Baltic Exchange to provide a vessel sale & purchase transaction closing service.
The service will be led by SPB’s 30-strong commodities and shipping group co-chaired by Chris Swart and Barry Stimpson and will be underpinned by the Baltic Exchange’s independent Singapore-based escrow operation.
It will be driven by a team of SPB specialists that form part of the firm’s Commodities & Shipping Group, including Singapore-based partners Kate Sherrard and Brian Gordon.
According to the Baltic Exchange chief executive Mark Jackson the tie-up “will deliver a vessel S&P transaction closing service which is second to none”, with SPB adding that it will give all parties confidence that the necessary and compliant due diligence checks are performed, funds are held securely, and the exchange of funds is executed “smoothly and professionally with close attention to detail”.
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Commenting on the partnership, 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.”
