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.
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.
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.
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’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.
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.
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.
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.
BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) have approved a voyage charter party, ASBAGASVOY, for publication to serve the growing gas tanker industry. Work will now begin to revise ASBATANKVOY, one of the most used tanker charter parties in the world.
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.