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November 2020

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.

Learn more about BIMCO’s new sale and leaseback term sheet

BIMCO has published SHIPLEASE, a new standard term sheet for sale and leaseback transactions which will be presented at a series of free seminars in the coming months. We will start with two online seminars and, as soon as the situation allows, live networking seminars will be planned in Asia, Europe and USA.

First ever standard contract for autonomous ship operation underway

BIMCO is adapting the currently used SHIPMAN 2009 agreement for use with autonomous ships, but the lack of actual autonomous ships currently in operation will mean ongoing adjustments as the industry forges ahead with its pioneering projects. Publication of the first version is expected in 2021.

October 2020

Make sure your contract is genuine with new Authenticity Clause

BIMCO has published a Contract Authenticity Clause to encourage parties issuing contracts based on a BIMCO form to agree to use one obtained from an authorised source such as SmartCon.

Optimisation and GHG reduction are key in new BIMCO Just in Time Arrival Clause

Successfully implementing a Just In Time (JIT) arrival scheme is dependent not only on an efficient operational framework but also on important contractual considerations. Therefore, BIMCO has formed a small group of experts to help draft a new Just In Time Clause which will focus on these contractual issues.

Q&A interview on SHIPLEASE, BIMCO’s new standard term sheet for ship sale and leaseback deals

BIMCO has enhanced its ship finance term sheet suite by introducing SHIPLEASE, an industry first standard for ship sale and leaseback. SHIPLEASE is an indicative term sheet for use in both operating and finance leases. It has been developed mainly for second-hand ships but can be adapted to fit newbuildings.

BIMCO points to Nick Fell as next Documentary Committee chair

BIMCO’s Board of Directors has pointed to Nick Fell, Executive Vice President Corporate Services & General Counsel at BW Group in Singapore, to take up the role as chairperson of BIMCO’s Documentary Committee in summer 2021.   

BIMCO adds Hong Kong to new shortened arbitration clause

The addition of Hong Kong as the fourth named arbitration option has prompted BIMCO to overhaul its law and arbitration clause. The new edition was approved for publication at the recent meeting of BIMCO’s Documentary Committee and is available to download from our website.

September 2020

New BIMCO ship sale and purchase standard heading for industry consultation

BIMCO’s Documentary Committee has positively received a new standard Memorandum of Agreement (MOA) for the sale and purchase of ships, thereby opening the doors to wide industry consultation before finalising and publishing the new standard next year.

New GENCON charter party expected in 2021

The revision of BIMCO’s most widely used voyage charter party – GENCON – is entering its completion phase, as the drafting team will meet during the autumn to process invaluable feedback received by the industry over the summer.

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