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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.
Voyage charters are not regulated by compulsory international conventions. This course highlights problem areas, presents ways for parties to allocate risks and gives an overview of the relevant legal principles.
BIMCO has developed a generic Flighted Spongy Moth Complex Clause for Time Charter Parties that provides a commercial solution focussing on the basic obligations and responsibilities of the owners and the charterers. This clause was renamed from Asian Gypsy Moth Clause for Time Charter Parties in March 2023 Not all countries have introduced the new name yet, but BIMCO has decided to standardise on Flighted Spongy Moth Complex, abbreviated to FSMC.
The practice of charterers using oil tankers for floating storage is certainly not a new concept. What’s different with the current demand for storage is the huge number of ships being time chartered for floating storage purposes due to the collapse in oil prices, partly as a result of COVID-19. Therefore, BIMCO is receiving enquiries about “floating storage” clauses and questions about what additional wording owners should consider adding to their time charters.
BIMCO has produced two clauses for time charter parties to address key contractual issues relating to the switch to fuel with a maximum sulphur content of 0.50% as of 1 January 2020. The two clauses are the 2020 Marine Fuel Sulphur Content Clause, which replaces the BIMCO Fuel Sulphur Content Clause 2005, and the 2020 Fuel Transition Clause, which deals with switching between fuel with a maximum sulphur content of 3.50% and fuel with a maximum sulphur content of 0.50% by 1 January 2020. Both clauses should be incorporated into time charter parties. This clause was published on 10 December 2018.
A BIMCO committee started work this week to review SYNACOMEX, the popular grain voyage charter party published by The French Union for Grains and Seeds Trade (Syndicat National du Commerce Extérieur des grains et graines oléagineuses – SYNACOMEX). SYNACOMEX and Armateurs de France (ADF) are joint copyright holders of the form.
