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November 2019

Rise in shipments under short term COA prompts new BIMCO standard form

As a result of a rising number of shipments of industrial raw materials such as bauxite, coal and iron ore being transported under COAs, BIMCO is working on a new standard form of contract of affreightment (COA). 

ASBAGASVOY draft ready for first consultation and review

The standard gas tanker voyage charter party codenamed ASBAGASVOY is ready for a first industry consultation as well as review by the Documentary Committee of BIMCO and the Board of the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA).

BIMCO adds new features to SmartCon - with more coming

BIMCO has added several features to its contract editor since it was launched in 2018, and more will be added by the end of the year and throughout 2020.

October 2019

Offshore accommodation charter party ready for first review

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.

Speed criteria issues prompt revision of ocean towage agreements

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.

Sale and leasebacks in the spotlight of new BIMCO project

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 to launch new sanctions clauses to increase contractual certainty

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.

Sale and leaseback – BIMCO’s next move in ship financing

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 improves clause labelling to help reduce disputes

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.

September 2019

Industry’s first decommissioning contract now available from BIMCO

BIMCO’s new DISMANTLECON contract, the first global standard contract designed for the dismantling and removal of offshore structures in the energy sector, is now available and aims to provide a balanced set of terms and conditions to both parties in the process.

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