Our History
Found in 2010, YoungRise shipping Co., Ltd, which is a comprehensive company intergraded designing with producing, specializing in marine products.
Our Factory
YoungRise shipping Co., Ltd is located in Fujian province, China. We are specialized in the sale, purchase and chartering of any type of used vessel. Through the years we have acquired a lot of experience and knowledge in selling used vessels. This enables us to offer our customers a complete service and full assistance, not only before, but also during and after, the acquisition of a vessels.
Our Product
What can YoungRise do for you?
1. Assist in registering your vessel.
2. Arrange complete modifications as per your specifications.
3. Arrange transport to any destination.
For any additional information, please contact us. In case a used vessel is not available, we can assist in acquiring a new vessel. We can trade in your vessel when purchasing a new one within YoungRise Shipping Co., Ltd. Vessels are either owned by YoungRise Shipping, come direct from the owner, are part of our services charter fleet, or are offered through co-brokers.
We appreciate your interest in the vessels we offer for sale. We have always asked for people sending inquiries about vessels that we offer for sale to provide full details about themselves. We must now tightening up on our requirement that potential Buyers provide full details about themselves when they contact us in order to receive a response. We apologize, however, our ability to respond is being stretched to the limits by frivolous messages from people who neither have the ability or experience to purchase a vessel.
Our Certificate
We always feel that all success of our company is directly related to the quality of the products we offer. They meet the highest quality requirements as stipulated in ISO9001, ISO14000:14001 SGS guidelines and our stringent quality control system.
Production Market
We have customers from both domestic market and oversea market. We can supply not only the vessels with top quality, but also the best service to you. We can be your reliable supplier in China surely.
Our Service
How to buy used vessels?
1. Preparation before buying a ship
When selecting the target ship to be purchased, of course, the most important thing is the commercial considerations, such as the purpose of the ship, budget, and market conditions. At the technical level, the buyer, based on commercial considerations, determines a suitable ship through requirements such as ship age, shipyard, main engine model, deadweight, and draft. But in addition, there are also many issues that need to be considered in advance at the legal level.
The buying and selling of second-hand ships is already a very mature industry. Not only are there professional brokers for buying and selling second-hand ships, but many international shipping organizations and agencies have also issued standard format contracts for the buying and selling of second-hand ships. However, the provisions on the rights and obligations of the buyer and the seller in different format contracts are still slightly different. Therefore, after determining the preliminary intention to ship, the format contract to be adopted should also be considered. The common contract samples in the market are as follows:
NSF1993: Norwegian Sale Form 1993, the classic and most commonly used version. Due to the large amount of use, many cases have made judgments on matters that are prone to disputes.
SALEFORM2012: BIMCO and the Norwegian Shipbrokers Association jointly formulated on the basis of NSF1993 and improved some of the defects of NSF1993, reflecting the latest changes and developments in practice and related laws.
NIPPON93/99: The version formulated by the Japan Ship Exchange. Shipowners in Japan and some countries in Southeast Asia tend to use this version.
In addition, it is also necessary to consider the issue of ship registration after buying a ship, and conduct research on the national policies, laws and regulations of the flag country to be added. On the other hand, since the registered owners of ships are generally single-ship companies, preliminary due diligence is also required on the actual controller behind the original registered owners of the ship to prevent the seller from becoming a shell company after the ship is delivered. The seller violated the guarantee clause in the contract, and the buyer was unable to take further remedies.
2. The signing of the purchase contract
Once the target ship is determined, the buyer and seller can negotiate and sign a sales contract. It is legally feasible to directly adopt the above-mentioned format contract, but in practice, both parties will revise the main clauses according to actual needs and reflect these modifications in the form of a Memorandum of Agreement (MOA). Usually the focus of both parties is on the following matters.
1 inspection
The buyer's biggest concern is often not the price, but the quality of the ship to be purchased. However, a simple ship particular (ship particular) is not enough to understand the true condition of the ship, and even the records of the classification society cannot be accurately grasped. The safest method, of course, is for the buyer to arrange for experienced crews to board the ship for inspection and follow the ship for a period of time to «understand» the ship's operational history and potential problems. There are also agreements on this in several common format contracts. However, the extent to which the inspection can be carried out on board the ship and how long the time can be with the ship are all subject to specific negotiation between the two parties.
In addition, whether it is boarding or onboard inspection, there are still some important parts that cannot be viewed, such as the internal condition of the main engine equipment and the bottom of the ship. Therefore, the buyer and seller can further agree that the ship enters the dry dock for inspection. If the seller is unable to arrange docking due to considerations such as shipping schedule and cost, the buyer can also arrange diver inspection instead. In short, as far as the buyer is concerned, it should be as detailed as possible in the contract to ensure that he has sufficient knowledge of the target ship.
2 Payment terms
As far as the seller is concerned, the most concerned issue is probably the ship price and payment. Therefore, before the buyer can inspect the ship, the seller usually requires the buyer to pay a deposit. The amount is determined by both parties, but it is generally about 10% of the ship price. For example, in SALEFORM2012, the default is 10% of the ship price. This deposit is usually not paid directly to the seller's account. Instead, both parties establish an escrow account, or pay to either party's lawyer's account, and then return it to the buyer or the seller according to the instructions of both parties.
In theory, the time limit for payment of the remaining ship price is generally to be paid when the seller officially delivers the ship. However, it is usually agreed to pay within a few days after the seller first issues the notice of readiness. For example, SALEFORM2012 agrees to pay within 3 bank working days.
3 Spare parts/fuel
Generally speaking, all items on board, except those leased from a third party, are included in the scope of sale, even including spare parts stored on shore but belonging to the target ship. For the fuel oil on board, the calculation can be made at the actual price provided by the seller when the fuel was purchased.
4 Delivery and document delivery
This is also the top priority of both sides. After clearly agreeing on the place and time of delivery, what remains is mainly the obligation that the seller needs to perform carefully. For example, it is necessary to forecast the ship's dynamics, to ensure that the ship arrives at the delivery location and is substantively prepared in any matter, and then sends a ship delivery ready notice to the buyer. If the ship cannot be prepared before the agreed laycan, the buyer has the right to cancel the transaction. The agreement in SALEFORM2012 is similar to that in the voyage charter contract GENCON94.
For the delivery of documents by both parties, it is mainly to agree on the delivery location and the documents to be delivered. We will explain this in the next section.
5 Debt burden before ship sale
For ships sailing around the world, it is common to encounter disputes over charter agreements or cargo damages, and even rescues and collisions. The seller does not have an implied obligation to actively disclose these disputes to the buyer. Even in many cases, the seller himself is not aware of the existence of these potential disputes or debts before the ship is arrested. In this regard, although Article 8 of SALEFORM2012 has been targeted, that is, it requires the seller to ensure that the ship does not have any burdens, mortgages, maritime liens or other debts, otherwise the buyer should be compensated, but the buyer should still take other measures to reduce such risks as possible. For example, go to Singapore, Hong Kong and other places where ship arrests often occur to check whether there is a ticket against the ship, ask the group behind the seller to issue a guarantee, and even ask the seller to transfer its interests under the original P&I club.
6 Dispute Resolution Clause
NIPPON93/99 agreed to arbitrate in Tokyo, while NSF93 and SALEFORM2012 agreed to London arbitration and the application of English law. The adoption of English law as the applicable law is needless to say. At present, in the shipping market, English law is still dominant, and there have been precedents against many common clauses and disputes in the sale of second-hand ships. It can be said that English law is the best choice. Regarding the place of arbitration, London is certainly the most traditional place of arbitration, but for Asian parties, Hong Kong and Singapore are also worth considering.
3. Handover preparations after signing the contract
1 Register a new single-ship company and prepare for flag state registration
When the buyer first contacts the seller and signs the contract, he may use his own company or group name, but in the end the ship is often registered with a single-ship company. Therefore, the buyer needs to register the company in the selected country of registration in advance. At the same time, in the buyer's column in the contract, it is usually agreed that «the buyer or its nominee». After the single shipping company is successfully registered, the single shipping company will be designated as the official buyer.
If the purchased ship is planned to fly the flag of convenience, the registration procedures will be relatively simple. For example, many flag-of-convenience countries now have offices in Singapore, Hong Kong and even China, and they have no previous qualifications for the ship itself and the company. High demands. If it is a common sovereign country, it needs to be registered according to the specific requirements of the country's laws and regulations, but the basic procedures are similar. However, it should be noted that the registration of ships in some countries also needs to comply with the country's regulatory policies. For example, when importing foreign ships into the country, the customs, the Ministry of Commerce and the Ministry of Transport need to go through relevant procedures and obtain corresponding permits.
2 Arrange for ship purchase funds
If the buyer uses its own funds to purchase in full, this issue is basically not involved. But in today's era when the financial industry is so developed, it is not difficult to find banks or other financial institutions, such as financial leasing companies, and even some venture capitalists are willing to invest. Of course, due to risk control considerations, especially after the 2008 shipping crisis and a large number of shipowners' bankruptcies, the proportion of funds obtained from financial institutions to the total ship price will not be too high.
3 Prepare delivery documents
The buyer should also prepare the delivery documents at this stage, including minutes of directors' meeting approved by the board of directors or shareholders meeting and signed by the appointed agent; power of attorney; certificate of director/staff list 锛汣ertificate of good standing; and other procedures and documents issued in accordance with the company's articles of association.
4 Prepare for ship operation
When the ship is delivered, all crew members employed by the seller will usually disembark. Therefore, the buyer also needs to dispatch all the crew including the new captain in advance and arrange for them to arrive at the delivery port before delivery. In addition, all aspects of ship insurance, including hull, P&I, oil pollution, etc., need to be prepared in advance or negotiated with the seller. Regardless of whether it is operated by itself or long-term leased to a third-party company after the purchase, the buyer can start arranging a new lease after setting the approximate delivery time.
4. Delivery and document delivery
After the seller prepares the ship, he will submit a notice of ready delivery. When the buyer is notified, he has to arrange payment. After it is completed, the procedures for delivery and document delivery.
Upon delivery, the seller's crew shall deliver all important certificates and documents on board to the buyer's crew on board, including but not limited to the ship's registration certificate, international tonnage certificate, international load line certificate, minimum safe manning certificate, captain/senior crew and Ordinary crew certificate, international oil pollution prevention certificate, oil register, garbage record book, shipboard oil pollution emergency plan, international air pollution prevention certificate, deratization certificate, stability information, cargo structure safety certificate, cargo equipment safety certificate, cargo radio safety Certificate, cargo ship safety certificate, dangerous goods list or stowage plan, grain transportation permit, oil pollution damage civil liability insurance or other economic guarantee certificate, cargo record book, international certificate of fitness for the transportation of dangerous chemicals in bulk, international bulk transportation of liquefied gas Installation certificate, passenger ship safety certificate, special business passenger ship safety certificate, etc. However, the seller has the right to take away the previous logbook. After the handover is completed, the captains of both parties sign a protocol of delivery and acceptance, which means that the delivery is complete.
In terms of document delivery, the buyer should obtain from the seller the flag state consent to sell certificate (permission to sell); bill of sale; the original ship registration cancellation certificate (deletion certificate is generally provided only after delivery); classification confirmation (Confirmation of class certificate); a certificate of no burden of registration issued by the flag state, and the shareholder meeting/board resolution and power of attorney issued by the seller's company on the sale of the ship. Among them, the transfer of the bill of sale can be regarded as the completion of the legal transfer of the ownership of the ship (only under English law). After receiving the ship, the buyer should promptly contact the pre-arranged insurer, classification society, flag state and other institutions to ensure that the ship is in a legally operational state.www.vessels4sales.com
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