What is the foundation Joint Account Shiptrade exactly ?

With the purchase or the sale of commercial vessels, large sums of money are involved. To enable buyers and sellers to come together and find an acceptable solution for the money and payments involved, the buyers and the sellers can use jointly instructed trustee or joint accounts, so their interests are covered for 100 %, to avoid big losses when the contract will not be fullfilled according the agreements made.

We, the foundation Joint Account Shiptrade, are holding some fully separated trustee accounts with the most important Shipping banks in Germany, to enable buyers and sellers, to find a quick solution for the deposit as mentioned in clause 2 in the Memorandum of Agreement. (Saleform 2012 or NSF)

Nowadays opening a real joint account with European banks is quit difficult as to nearly impossible. The banks are not interested in opening a joint account for short periods only, because for banks there is no profit to make on such account and bankers do not like to be involved in business, which is not handled or financed by themselves. The today's laws on money laundering seem to be one of the main reasons that opening a joint account or any bank account is a time wasting and slow proces without knowing if a bank account will be opened. Before it is finally possible to actually make use of such an account for a transaction you can be months ahead.

During practicising S&P deals in the past and after we discovered more and more bankers unwilling to open joint accounts, the foundation Joint Acount Shiptrade was established in the year 2003. Presently the foundation is holding trustee accounts in Germany since 2003 and since then we are more and more a professional tool for the buyers and sellers of commercial ships.

As we work for Germans and Holland's largest fleetowners, we may say that we are meantime a known party for many European and overseas shipowners and they prefer to work with us, because of the uncomplicated way of making use of our services.

We are growing in the international market as important tool for the new shipping markets, as Far East and Australian buyers now also making use of our services.

The costs of our services

Till today nobody complained. Our costs are always lower than any bank or lawyer can offer ! Because we are a foundation according the Dutch law, we are not allowed to make profit. The costs you pay are the costs we make, no more than that. We handle the money or the deposit, this is our daily business and we do not handle anything else.

Our knowledge of the NSF93 or Bimco Saleform (the memorandum of Agreement) is very good. We have juridical skills, developed for S&P deals only.

We are situated in the heart of the European Shipping society, near the border of Holland and Germany and have therefore a large work area as we serve the Dutch and the Geman largest shipowners.

Join us !

After having received copy of the MoA, the deposit can be placed within one hour !

* Deposits will be kept solely according the clauses 2, 13 and 14 of the Memorandum of Agreement and buyers and sellers to instruct us accordingly.