Yachts & Ships
Abdulhalim Altinel Law Firm’s experienced team of transactional lawyers can advise on all aspects of the sale, purchase and finance of commercial tonnage and luxury yachts and superyachts. We deal with transactions involving market standard forms with amendments, from NSF, NSF 1993, NIPPONSALE 1999, MYBA, ABYA and YBAA forms (superyacht) to bespoke individual contracts.
Our experience covers:
- Arrangement of structures through special purpose vehicles and primary/secondary registrations
- Contract issues for sale and purchase agreements
- Registration and flagging requirements
- Mortgages, assignments, pledges, guarantees and other security-taking arrangements
- Classification, valuation and technical/condition surveys
- Insurance, bank, flag state and buyer/seller closing deliverables
- Arrangements for deposit holding/release
- Closing process and mechanics
- Post-delivery chartering, management and supervision
Our network of legal advisers, brokers and experts covers Flag States and on/off-shore jurisdictions across the world from Liberia, Panama, Marshall Islands, BVI, Bahamas, St.Vincent and the Grenadines, through to Malta, the United Kingdom/Isle of Man, Cyprus and Russia.
Fleet owners, banks, institutional investors and private individuals can expect at any stage of the transaction a service tailored to their requirements at a competitive fixed fee rate.
For further information on our ship sale & purchase/finance services, please contact with us.
Commissioning a New Build or Buying a Superyacht
Commissioning a new build or buying a superyacht now has more in common with a sizeable corporate transaction than a passion for the sea.
Yacht-building agreements have become complex legal documents that require deep knowledge of the law and the technical issues related to the construction, registration and taxation of a yacht. Abdulhalim Altinel Law Firm has not only to be specialists in shipping contracts but also, more importantly, have an overall knowledge of the industry’s best practices.
Negotiating a yacht-building contract or a purchase agreement of a superyacht has a lot more in common with a corporate transaction than just shipping-law issues. Clearly, we, as yacht lawyers, experienced in the technicalities of an agreement under which a shipyard undertakes to build and deliver a superyacht in compliance with the specification as agreed by the parties. Building a yacht has much to do with passion, our clients take the same approach they normally take when negotiating a deal in their own areas of business.
Our lawyers are deal-makers and problem-solvers who know that our client’s interests always come first. We have a deep knowledge of contract and corporate law, and of the industry’s standard practices, are able to close deals while professionals in other branches of law tend to raise issues or cause unnecessary tensions that may be otherwise avoided.
Some industry professionals tend to use standard forms or ‘recycle’ agreements of other deals without fully appreciating the consequences of doing so. Our clients know that the involvement of us to negotiate a yacht-building contract is necessary. Our team keeps you away from lengthy and costly litigation in foreign courts.
If yacht owners or buyers are well advised by true professionals during the negotiation and construction process, it’s very likely that the bad stories about yachts not being delivered or completed may be prevented or, at least, the damages may be limited.
The main qualities that our clients look for when choosing us (in addition to the obvious knowledge of the law and of the yachting industry) are honesty, clarity, empathy and availability.
Knowledge of the law and of the industry are key elements, but one should remember that trust and reciprocal respect are essential for the successful completion of a superyacht, where difficulties of all kinds may occur at any time during the usual three years required for its construction.