Time Charters Masterclass

The BIMCO Masterclass is designed to provide you with a comprehensive understanding of the principles of time chartering. The course will use case studies as the primary learning tool to allow you to develop a knowledge of the practical aspects of time chartering and its application in the daily operation of vessels. On the first day, we will begin with a general introduction to the practical aspects of time chartering seen from both the perspective of the owners and charterers. We will discuss how to identify and negotiate the best terms for a particular charter, and how to create and manage the charter party before and during the fixture. This part of the course will also cover disputes related to various daily issues, including seaworthiness and the obligation to issue and comply with voyage and employment orders. One of the key areas of dispute is the description of the vessel. The charter party will include a description of the vessel, and if the vessel does not meet these specifications, the charterer may claim damages from the owner. Another area of dispute is performance claims. The charter party will typically include provisions relating to the vessel's performance, such as speed and fuel consumption. If the vessel fails to meet these performance targets, the charterer may claim damages from the owner. Finally, we will discuss the disputes concerning the duration of the charter, especially in relation to redelivery, where disputes and discussions often occur concerning the vessel's last voyage. On the second day, we will look at common disputes related to the payment of hire. These include failure to meet the pre-agreed terms and conditions, unexpected delays or cancellations, failure to pay hire on time, disagreements over the amount of hire due, and failure to comply with any of the charter party terms and conditions on payments. All time charter parties contain an off-hire clause providing exceptions from the strict obligation for charterers to pay hire from delivery until redelivery. The specific terms of the off-hire clause will determine whether any particular event entitles the charterers to place the ship off-hire, and for how long. The course will conclude with a review of all the topics covered as a case study, enabling you to consolidate your understanding of the principles, practical aspects, and legal framework of a time chartering agreement.

Time charter party forms

LNG Fuel Quality Clause for Time Charter Parties

In 2021 BIMCO initiated a project to develop a suite of LNG fuel clauses for time charter parties. The number of LNG fuelled ships in operation is growing steadily and the suite reflects the need to have bespoke clauses in time charters for these ships. The LNG clauses cover matters related to the LNG quality, delivery/redelivery, gas-freeing and cooling down and an operational clause. For dual-fuel ships the clauses are intended to be used together with the existing BIMCO bunker clauses for conventional fuel oils. The current suite of LNG fuel clauses for use in time charter parties also consists of: LNG Bunker Operational Clause for Time Charter Parties LNG Fuel Delivery Clause LNG Fuel Gas freeing and Cool down Clause

Offshore accommodation charter party ready for first review

A first draft of a new time charter party for Accommodation Support Vessels (ASVs) will be presented to the Documentary Committee for review and feedback in December.

Eni joins project to develop ASV charter party

Italian energy company Eni, operating in more than 60 countries worldwide and employing more than 30,000 people, will be joining the recently launched BIMCO project to develop a standard charter party for Accommodation Support Vessels (ASVs).

Time charter trip about 60 days without guarantee

LNG Bunker Operational Clause for Time Charter Parties

In 2021 BIMCO initiated a project to develop a suite of LNG fuel clauses for time charter parties. The number of LNG fuelled ships in operation is growing steadily and the suite reflects the need to have bespoke clauses in time charters for these ships. The LNG clauses cover matters related to the LNG quality, delivery/redelivery, gas-freeing and cooling down and an operational clause. For dual-fuel ships the clauses are intended to be used together with the existing BIMCO bunker clauses for conventional fuel oils. The current suite of LNG fuel clauses for use in time charter parties also consists of: LNG Fuel Delivery Clause LNG Fuel Gas freeing and Cool down Clause LNG Fuel Quality Clause

BIMCO adopts new CII clause for Voyage Charter Parties

The shipping industry is facing an increase in new regulations from the International Maritime Organization (IMO) and the European Union (EU) and an increase in the urgency to decarbonise. To support the industry, BIMCO has developed a new CII Clause for Voyage Charter Parties. The clause was adopted by BIMCO’s Documentary Committee on 11 October and is the latest addition to BIMCO’s portfolio of carbon clauses.

ASV charter party takes shape

Bunker Fuel Sulphur Content Clause for Time Charter Parties 2005

Latest version of this clause is the 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties .