A first draft of a new time charter party for Accommodation Support Vessels (ASVs) will be presented to the Documentary Committee for review and feedback in December.
Long distance ocean towage presents numerous challenges to tugowners, not least of which is the impact of adverse weather on the performance of the tug and tow.
On 24 October, at a meeting in Shanghai, BIMCO started work to develop a new standard term sheet for ship sale and leaseback transactions.
BIMCO is merging its sanctions and designated entities charter party clauses, following revisions by a specialist subcommittee, to create a more robust contractual solution for sanctioning.
In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.
BIMCO has decided to start labelling all versions of its standard clauses with the year of publication, including the original edition, with the aim to reduce disputes over which version parties have agreed to.