Supply chain issues continue to be a problem today across the globe. Many businesses find they struggle to meet customer demand, as they have products on hand and no way to move them. Entrepreneurs and existing business owners need to recognize now is the time to enter the logistics industry to help meet this demand. Individuals who can find unique ways to ensure goods get to their destination in a timely manner will benefit greatly. If you are looking to enter the shipping industry, however, you need to find Ships for sale to help you achieve this goal. Why not consider purchasing a second-hand ship to get your foot in the door?

Buying a Used Ship

Before shopping bulk vessels for sale, a person must take part in the negotiation and contract stage. As purchasing a ship requires enormous sums of money, a person must understand this part of the process or hire a professional to handle it on their behalf. The individual acting on behalf of the buyer contacts the seller’s representative to make an offer.

The Offer

When making this offer, consider the price of the used bulk carriers. However, the parties also need to discuss the details of each ship to be purchased as well as the lay-days of this transaction. A broker understands what is considered reasonable in this offer and when they need to request modifications.

Negotiations

Both parties should expect to enter negotiations once the offer has been made. Besides negotiating the price, one or both parties may wish to change the terms of the agreement. Once they reach an agreement, they exchange a recap telex to ensure both parties understand the modified terms. However, the details of the terms will come later. At this stage of the process, the focus remains on the key terms.

The Contract

It isn’t until they finalize the key terms that the parties draw up a formal contract. This contract, known as a Memorandum of Agreement, comes with the sale of any ship, including dry cargo vessels. The parties may use a standard form contract or have one drawn up for the specific transaction. When the parties sign this contract, the buyer pays a ten percent deposit, and the process moves forward.

Consider hiring a broker to work on your behalf when purchasing a used ship. Although business owners might find they save money in the short term by completing this transaction on their own, they often spend more in the long run. It’s best to have a broker on your side to ensure the transaction runs smoothly from start to finish, as this allows you to get your new ship in operation in less time.