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Russian Oil Price Cap Scheme Clause 2024

17 April 2024

International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a Price Cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in June 2023 in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. In February 2024, EU/G7 coalition implemented changes to the Price Cap rules. In order to accommodate these new requirements, BIMCO has revised the original 2023 clause accordingly. The new 2024 clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestations, ancillary costs breakdowns and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers. The latest edition of this clause is Russian Oil Price Cap Scheme Clause 2024. Copyright in Russian Oil Price Cap Scheme Clause 2024 is held by BIMCO.

Liquid cargo of the month – Vinyl Ethyl Ether

10 May 2023

The BIMCO Liquid Cargo database is intended for use by for shore-side staff and to some extent for newcomers on board tankers and should only be used as a reference tool providing brief information regarding the approximately 310 commonly transported liquid cargoes including Vinyl E thyl Ether .

What happened at the 10th IMO sub-committee on pollution prevention and response

01 May 2023

The 10th session of the IMO Sub-Committee on Pollution Prevention & Response from 24 to 28 April discussed biofouling management, reducing the risk of environmental damage from plastic pellet losses, Black Carbon’s impact on the Arctic and the use of Electronic Bunker Delivery Notes (e-BDN) amongst other topics.