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April 2020

BIMCO floating storage clause for tankers: what to cover

The practice of charterers using oil tankers for floating storage is certainly not a new concept. What’s different with the current demand for storage is the huge number of ships being time chartered for floating storage purposes due to the collapse in oil prices, partly as a result of COVID-19. Therefore, BIMCO is receiving enquiries about “floating storage” clauses and questions about what additional wording owners should consider adding to their time charters.

ASV specific features tackled in new charter party

The subcommittee developing a standard time charter party for accommodation support vessels (ASVs), at an online meeting on 23 April, continued discussions on key areas of the new contract, including offshore bunkering and how to address the concept of immediate tasks in an ASV specific context.

ASVTIME moves closer to completion

At online meetings on 31 March and 1 April, the subcommittee working on the standard time charter party for accommodation support vessels (ASVTIME) reviewed feedback from industry stakeholders and further developed the draft contract.

March 2020

Safety Warranty Prevails: US Supreme Court Rules that Owners can Rely on Absolute Warranty in Frequently Used Safe Berth Clauses

BIMCO, INTERCARGO and INTERTANKO welcome the ruling by the highest court in the United States on 30 March 2020 concluding that the plain meaning of the safe-berth clause in the Athos I dispute includes an unambiguous warranty of safety.

BIMCO answers top 5 questions on contracts and COVID-19

In this short video Grant Hunter talks to BIMCO’s head of Support & Advice, Merete Greisen, about answers they give members to the five most frequently asked questions.

BIMCO publishes Q&A on Infectious Diseases Clause

As part of its effort to openly share COVID-19 information and advice with the industry BIMCO has published a Q&A on its Infectious Diseases Clauses.

BIMCO makes all COVID-19-related content free

In view of this extraordinary crisis, BIMCO has made all COVID-19 related content on its website open and free for everyone.

New annexes broaden scope of SUPPLYTIME 2017

BIMCO has developed four annexes for specialised tasks not covered under the SUPPLYTIME charter party.

BIMCO Contagious Diseases Clauses - Are they triggered by COVID-19?

The threshold for invoking BIMCO’s Infectious or Contagious Diseases (IOCD) Clauses is necessarily set at a high level to avoid misuse. The two clauses, one for time and the other for voyage charters, are designed to respond to extreme outbreaks of diseases and not just “everyday” illnesses.

COVID-19 and its consequences on shipbuilding contracts

The spread of the COVID-19 virus is causing significant issues in the shipbuilding industry, but English law has no general concept of force majeure, and this is a key factor in the relationship between shipyards and shipowners.

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