Contracts & clauses
January 2020
Industry experts draft new BIMCO S&P agreement
BIMCO is developing its own standard Memorandum of Agreement (MOA) for ship sale and purchase (S&P). The new BIMCO MOA is rapidly taking shape after just three meetings of the expert group, the most recent at the offices of Louis Dreyfus in Paris on 27 January.
Novel Coronavirus outbreak – check your charter party terms
An outbreak of a virulent disease such as the Novel Coronavirus can have potentially significant implications for ship owners and operators.
Damaged towing gear – who pays?
Tow wires on board tugs are expensive. If they break during an ocean towage operation, who should be responsible for repairing or replacing them? These and other issues were discussed in the latest meeting of the revision of BIMCO’s towage agreements TOWCON and TOWHIRE 2008.
BIMCO issues update on Persian Gulf tensions and sanctions clauses
After the killing of General Qassem Soleimani by a US drone in early January 2020, and the following retaliation by Iran, BIMCO is publishing its view of the escalated tension in the Persian Gulf, as well as advice regarding the new sanctions clauses, and encourages owners, operators and charterers to follow the operational and contractual guidance set out in this article.
Sounding board to take sale and leaseback project to the next phase
BIMCO is setting up a sounding board with the aim to engage a broad group of stakeholders in the process of drafting a sale and leaseback term sheet, as the sale and leaseback market continues to expand.
What is BIMCO thinking about 2020?
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by. We put all the thoughts in a magazine. This year is no different, and a range of BIMCO people have written their opinions on what the new year will bring.
December 2019
Safe berth warranty to be considered by US Supreme Court
BIMCO, Intertanko and Intercargo have filed an Amicus Curiae brief in a case currently before the US Supreme Court. The case raises key issues for the shipping industry, since the verdict will establish who is responsible for the safety of a visiting ship to a berth.
BIMCO publishes new sanctions clauses to meet geopolitical challenges
BIMCO’s Documentary Committee has approved two charter party sanctions clauses to help owners and charterers manage due diligence policies and navigate an increasingly complex environment of economic and trade sanctions imposed by governments.
ASBAGASVOY charter aims to be first choice for gas trade
Feedback from the gas industry on the draft ASBAGASVOY charter party shows that ASBA and BIMCO, who are working together to develop the new contract, are on the right track. The view is supported by BIMCO’s Documentary Committee.
BIMCO to publish new shortened law and arbitration clause
BIMCO’s Documentary Committee has agreed to carry out a major overhaul of the Dispute Resolution Clause with the aim to shorten and simplify what has become BIMCO’s longest standard clause.
