Ship Sales Further Trading Clause 2023

The intention and purpose of the BIMCO Ship Sales Further Trading Clause 2023 (the “Clause”) is for the Buyers and Sellers of a Vessel to agree that the Vessel will continue to trade. This provides the Sellers with a reasonable level of protection and reduces any risk that they will be held liable for the actions of the Buyers once proprietary interest in the Vessel has passed onto the Buyers in instances where the Buyers dispose of the Vessel in contravention of any rules and regulations concerning the demolition or dismantling of Vessels.

Ship recycling: building a circular economy for the high seas

A speaker blog for World Ocean Summit Asia-Pacific by Sabrina Chao, president of BIMCO, published in The Economist Impact, September 2020

BIMCO adopts the industry’s first ship sale and leaseback standard

Sale and leaseback transactions have seen a substantial increase in recent years as an alternative method of ship financing, and BIMCO has adopted a new term sheet which will facilitate the negotiation of sale and leaseback deals and make the process cheaper for parties involved.

Demand shocks drive ship recycling to lowest level in 20 years

Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years. A combination of strong demand following a series of market shocks and low orderbooks have kept older ships operating for longer than usual.

BIMCO to seek industry consultation in January for new ship sale agreement

In January 2021, BIMCO will be inviting the industry to view and offer feedback on the new Ship Sale Agreement in the pipeline. The new form is on track for publication in 2021.

Ship arrest clauses focus on “sphere of responsibility”

BIMCO has published two clauses that take a balanced approach to termination risk following ship arrest, in response to cases seen in recent years when some dry cargo charterers have tightened procedures to arrest under a charter party.

Container ship deliveries hit new YTD record of 1m TEU

In 2023, 2.3 million TEU of container ship capacity was delivered, beating the former all-time high by 37%. Year-to-date another record has been set as more than 1 million TEU has already been delivered during the first four months of the year, an increase of nearly 80% compared to the previous record.

WHO Handbook for Inspection of Ships and Issuance of Ship Sanitation Certificates

BIMCO calls on IMO to solve legal inconsistencies in ship recycling conventions

BIMCO, together with Bangladesh, India, Norway, Pakistan and the ICS, has submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on 18-22 March 2024. The paper highlights the need to solve possible conflicting requirements of the Hong Kong Convention and the Basel Convention which could have severe consequences for shipowners, ship recycling facilities and ships if unresolved.

COVID-19; Implications on statutory ship certificates, surveys, inspections and audits

BIMCO has collected statements from a number of flag states, port states and recognised organisations/classification societies (RO) and produced a regulatory analysis concerning COVID-19 and its possible implications on statutory ship certificates, surveys, inspections or audits under relevant International Maritime Organization (IMO) and International Labour Organization (ILO) instruments.