Economy

Chinese, Japanese versions added to Singapore ship sale form

(Xinhua)
Updated: 2011-03-03 13:36

SINGAPORE - The Singapore Maritime Foundation (SMF) released both Chinese and Japanese guidance versions of the Singapore Ship Sale Form (SSF) online on Thursday, in a bid to build on its position as a shipping hub in Asia Pacific.

The association said it is a common practice for maritime companies in China and Japan to do some simple translations of the forms for their management to better understand the contents of the contracts, which are usually signed in English.

"We hope that these translated guidance versions will help facilitate the use of the forms for native Chinese and Japanese speakers as part of our ongoing efforts to encourage the use of the SSF," local daily the Business Times quoted SMF Executive Director David Chin as saying.

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The SMF launched the Singapore Ship Sale Form (SSF) on Jan 6, an alternative to the current standard Norwegian Sale Form often in the trading of used ships in Asia Pacific.

The SSF has been off to a good start with 40 to 50 used ship deals adopting the form, the Business Times said.

While the Nippon Sale Form is the most commonly used when both parties to the transaction were from Japan, it is still possible for the Singapore Ship Sale Form to have a role when one side is from outside Japan, Chin said.

The SSF also makes Singapore the default seat of arbitration for disputes, which will help Singapore achieve its aspiration of turning itself into a maritime arbitration hub.

In separate reports on Thursday, local media said Singapore is also growing its business as an arbitration center in Asia Pacific, partly thanks to its position as a neutral third party.