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June 2019

BIMCO and ASBA kick off work on gas tanker voyage charter party

BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) on 25 June kicked off a project at the BIMCO House to develop a standard gas tanker voyage charter party, codenamed ASBAGASVOY.

Persian Gulf: War risks revisited

As a result of increasing tension in the Persian Gulf area following recent attacks on two tankers, War Risk underwriters are charging additional premiums (AP) for calls to the Arabian Gulf/Gulf of Oman. Some underwriters are charging a flat rate for all tonnage operating in the area, while others are differentiating based on the type of tonnage, flag and port of call. AP is typically charged as a percentage of the hull value. Underwriters day top value is at present 1%.

Updated Hull Fouling Clause clarifies performance suspension trigger

BIMCO has published an updated version of its widely used Hull Fouling Clause for Time Charter Parties. The new edition more clearly sets out the circumstances and point in time when responsibility for hull cleaning passes from owner to time charterer.

Ship arrest clauses focus on “sphere of responsibility”

BIMCO has published two clauses that take a balanced approach to termination risk following ship arrest, in response to cases seen in  recent years when some dry cargo charterers have tightened procedures to arrest under a charter party. 

Eni joins project to develop ASV charter party

Italian energy company Eni, operating in more than 60 countries worldwide and employing more than 30,000 people, will be joining the recently launched BIMCO project to develop a standard charter party for Accommodation Support Vessels (ASVs).     

May 2019

New Cyber Security Clause from BIMCO now available

A new standard Cyber Security Clause requiring the parties to implement cyber security procedures and systems to help reduce the risk of an incident, is now available from the BIMCO website.

BIMCO and ASBA join forces to develop gas tanker voyage charter party

ASBATANKVOY, one of the most widely used tanker charter parties in the world, will form the basis when BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) begin to jointly develop a charter party specifically for use in the gas tanker trade.

New Cyber Security Clause from BIMCO

BIMCO’s Documentary Committee has agreed a new standard Cyber Security Clause that requires the parties to implement cyber security procedures and systems, to help reduce the risk of an incident and mitigate the consequences should a security breach occur.

Geopolitical shift prompts new sanctions clauses from BIMCO

BIMCO is updating its suite of sanctions clauses to reflect changes in the sanctions’ environment. The new clauses are expected to be launched at the end of 2019.

BIMCO to publish industry’s first offshore decommissioning contract

BIMCO’s Documentary Committee has approved an international standard contract for offshore decommissioning projects to provide a balanced set of terms and conditions to both parties in the process.

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