On 6 September 2023, the Ministry of Law (“MinLaw“) announced that Singapore has signed the United Nations (UN) Convention on the International Effects of Judicial Sales of Ships (“Convention“), making Singapore among the first signatories of the Convention. The Convention was signed by a total of 15 countries at a signing ceremony held on 5 September 2023.
The Convention aims to address cross-border recognition of judicial sale of ships by providing greater certainty that a judicial sale of a ship confers clean title on the purchaser. This is achieved by, among others:
(a) providing a harmonised regime for giving international effect to judicial sales of ships;
(b) setting up a central repository for notices and certificates of all judicial sales of ships under the Convention; and
(c) simplifying processes for the deletion and registration of ships in the registries of the Contracting Parties based on the certificates of judicial sale issued in accordance with the Convention.
The Convention will benefit stakeholders in the maritime industry including shipowners, potential purchasers, creditors and ship financiers, in and about the development of shipping finance and enforcement rights globally.
Singapore’s signing of the Convention and its compliance with the obligations set forth in the Convention will further bolster its position as a leading maritime hub. It attests to Singapore’s standing as a progressive jurisdiction with an efficient system for maritime-related legal enforcement.
Click on the following link for more information:
- MinLaw Announcement titled “Singapore signs the United Nations Convention on the International Effects of Judicial Sales of Ships” (available on the MinLaw website at www.mlaw.gov.sg)
