BIMCO expels ShipNEXT from membership
Overview
BIMCO has terminated its agreement with ShipNEXT that allowed the use of BIMCO contracts on its trading platform and expelled the company from its membership after it repeatedly and falsely claimed that BIMCO supported its trading platform.
The firm action follows repeated warnings by BIMCO which were ignored by ShipNEXT. The company has on a number of occasions claimed in marketing material that its trading platform is supported by BIMCO, claims which could compromise BIMCO’s market neutral position, according to BIMCO’s Secretary General and CEO, Angus Frew.
“The claims are a blatant abuse of the licensing and membership agreement that we have with ShipNEXT and is, in our view, a deliberate policy to mislead ShipNEXT’s customers. It compromises BIMCO’s position as a neutral and commercially independent association and is totally unacceptable behaviour,” Angus Frew says.
BIMCO has never supported nor endorsed the ShipNEXT system, and no longer has any formal licensing agreement with the company. The use of BIMCO standard contracts on this system is no longer permitted.
If in doubt about the authenticity of any BIMCO contract, please contact BIMCO directly at contracts@bimco.org.
Feedback or a question about this information?
Posted:
11 July 2018
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
