A formality in vessel transactions has turned into one of the biggest headaches for shipowners during the coronavirus crisis: delivering the ships.
In normal times, buyers and sellers spend much of their efforts wrangling over pricing details while sorting out technical details — such as changing crews, flags, insurers, classification societies — with relative ease.
But lockdown measures across the globe are making the final, yet essential step in completing ship sales — physically putting the vessel in the buyers’ hands — extremely difficult.
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