Conclusion
It is concluded that sale and purchase of ship is one of the most complicated procedure in the shipping industry and it is much more complicated comparing with new building contract of ship. The S&P contract involves different kind of professional knowledge of ship and the bargaining skills. Furthermore, due to the legal effect raised by the Maritime liens attach to the second hand ship, the buyer should further check the history and court writs to reduce the future loss from the purchasing ship. Thus, with regards to the complicated issues of this market, professional shipbroker takes an important role during the transaction.
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