Terms & Commission Agreement

Version 2026-10-25. These terms apply to everyone who uses Oceanvex Ships (the "Platform"), run by Oceanvex Maritime Partners Pte. Ltd. ("Oceanvex", "we").

1. How Oceanvex works

• Ship owners and brokers ("Sellers") list ships for sale or charter for free. Buyers and charterers ("Buyers") join free and never pay Oceanvex.
• Oceanvex introduces Buyers to Sellers and earns a commission from the Seller only when a deal closes.
• All contact goes through Oceanvex. Sellers do not see Buyers' names, companies or contact details, and Buyers do not see Sellers' names, contact details, or the vessel's name and IMO number. Only Oceanvex sees both sides. Contact details written in messages are removed automatically.
• Oceanvex does not own, inspect or guarantee any ship, and does not guarantee that any party will complete a deal.

2. Commission Agreement (Sellers)

By ticking "I agree" when you sign up, when you list a ship, or on the acceptance page, you (and the company you act for) agree to this Commission Agreement. The Platform records who accepted, when, from which IP address and which version.

2.1 Definitions

• Introduction: the first time a Buyer sends an enquiry about a listing, accepts an NDA, sends a letter of intent (LOI) or replies to a Wanted request through the Platform. Each Introduction is logged with a reference (OVX-…) and date.
• Introduced Party: the Buyer, and any company that is its parent, subsidiary, affiliate, shareholder, director, nominee or agent, or that acts for it or with it.
• Deal: any sale, purchase, charter (time, voyage, bareboat or contract of affreightment) or option of the listed vessel, or of any other vessel owned, managed or marketed by the Seller, between the Seller (or its affiliates, principals or nominees) and an Introduced Party.

2.2 Commission rates

• Ship owners: 1.5% of the gross sale price, with a minimum of US$10,000 per vessel; or 1.25% of all gross hire, freight, demurrage and ballast bonus earned under a charter, including extensions and options exercised.
• Brokers: 25% of all commission the broker (and its group) earns on the Deal, from any party.
• Commission is earned when the Deal is concluded (memorandum of agreement or charter party signed, or terms fully fixed), and is due even if the Deal is later cancelled through the fault of the Seller.

2.3 Payment

• Sale: payable within 7 days of delivery of the vessel, or from the deposit if the buyer defaults and the Seller keeps it.
• Charter: payable within 7 days of each hire or freight payment the Seller receives.
• Late amounts carry interest at 1.5% per month, and the Seller pays Oceanvex's reasonable costs of collection, including legal fees.
• Amounts are paid in the currency of the Deal, without set-off or deduction, to the account on Oceanvex's invoice.

2.4 Oceanvex in the contract

• The Seller must tell Oceanvex in writing within 7 days of any Deal with an Introduced Party, with the price or hire and a copy of the relevant pages of the contract.
• The Seller must name Oceanvex Maritime Partners Pte. Ltd. as broker in the memorandum of agreement or charter party, with the commission above in the brokerage clause. If this is not done, the commission is still owed in full.

2.5 No going around Oceanvex (non-circumvention)

• For 24 months after an Introduction, the Seller must not deal, directly or indirectly, with the Introduced Party except through Oceanvex.
• If a Deal with an Introduced Party is concluded in that period, the full commission is due, even if the Deal is done outside the Platform, through another broker, under a different company or vessel name, or after the listing is withdrawn.
• The Seller is responsible for its staff, affiliates and principals keeping to this clause.

2.6 Records

The Platform's records of Introductions, messages, NDAs, LOIs and acceptances of these terms are accepted by both sides as evidence of the Introduction and of these terms, unless clearly shown to be wrong.

3. Buyers and charterers

• Using the Platform is free for Buyers.
• For 24 months after an Introduction, the Buyer must not deal with the Seller, its principals or brokers about the introduced vessel except through Oceanvex, and must not ask for or share contact details to get around Oceanvex.
• If a Buyer goes around Oceanvex and a Deal is concluded, the Buyer pays Oceanvex an amount equal to the commission Oceanvex would have earned, as agreed compensation.
• Buyers' KYC, proof of funds and LOI documents are seen only by Oceanvex. Sellers see a summary (for example "KYC verified by Oceanvex", LOI price and terms), never your identity.

4. Confidentiality

• Information about vessels, parties and offers seen on the Platform is confidential. It may only be used to evaluate a Deal through Oceanvex.
• Do not put email addresses, phone numbers, websites, vessel names or company names in messages. The Platform removes them, and Oceanvex may suspend accounts that try to get around this.

5. Verification and safe dealing

• "✓ Verified" means Oceanvex checked a company's identity. It is not a guarantee of funds, ownership, condition or performance.
• Oceanvex does not guarantee that any document is genuine. Always confirm funds directly with the issuing bank.
• Inspect the vessel and class records before you commit. Use a recognised contract form (for example NSF 2012 or BIMCO forms) and take legal advice.
• Pay deposits only into an escrow or joint account at a recognised bank as agreed in the contract. Check all parties against sanctions lists (UN, EU, UK, US OFAC, Singapore MAS).
• Be careful with requests to change bank details. Confirm by phone with a number you already know.

6. Listings

Listing is free. Sellers confirm they own, or are authorised to market, every vessel they list, and that the details are accurate. Oceanvex may remove any listing or account that is misleading or breaks these terms.

7. Law and disputes

These terms are governed by the laws of Singapore. Any dispute will be resolved by arbitration in Singapore under the rules of the Singapore Chamber of Maritime Arbitration (SCMA), by a sole arbitrator. Oceanvex may also bring a claim for unpaid commission in any court where the other party has assets.

Questions: info@oceanvex.co.uk