The subcommittee set up to develop a syndicated version of SHIPTERM, BIMCO’s new standard bilateral term sheet, made good progress at its second meeting on 7-8 September in London.
At the meeting, members discussed a first draft term sheet prepared by the lawyers represented on the subcommittee. The draft was based on SHIPTERM. Although a number of aspects relating to syndication had to be reflected in the new draft, many of SHIPTERM's provisions could be maintained or adapted to fit into a syndicated form. The subcommittee agreed that the bilateral and syndicated versions of the term sheet should be complementary.
The ambition is to finalise a first draft for consideration by the Documentary Committee at its next meeting on 14 November. If the first draft is finalised in time, it will be shared before the end of the year with the sounding board set up to enable a broader group of stakeholders to comment on the draft. The sounding board currently consists of about 85 ship financing experts within the ship owning, banking and legal sectors. Ship financing stakeholders interested in joining the sounding board can send an email to firstname.lastname@example.org.
Meanwhile, a seminar on SHIPTERM will be hosted by BIMCO and Blank Rome LLP in New York on 28 September. The seminar is free of charge and open to BIMCO members and non-members. Participants will receive a copy of the SHIPTERM booklet containing the standard term sheet and explanatory notes. They will meet a panel of representatives of the subcommittee that developed SHIPTERM, namely Francis Sarre, Compagnie Maritime Belge (chairperson of the subcommittee); Christopher Conway, Citi; Klaus Vilstrup, Dampskibsselskabet NORDEN A/S and Matt Hannaford, Hannaford Turner LLP.
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