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This clause addresses compliance with the Energy Efficiency Existing Ship Index (EEXI) and allocates responsibility and costs for implementing EPL and SHAPOLI modifications under a time charter party.
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.
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 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.
BIMCO has over recent weeks published a lot of information about COVID-19 and which measures different countries have implemented in an effort to curtail the spread of the virus.
The Laytime Definitions for Charter Parties have been developed to provide practitioners with a set of meanings of commonly used words and phrases. The objective is to help reduce disputes about party intentions in a market where fixtures are often concluded on the basis of a recap message and listed amendments, without the exchange or return of draft contracts. These provisions have been developed for incorporation into charter parties. The latest edition of these definitions is the Laytime Definitions for Charter Parties 2013.
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.
