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Sanctions Clause for Time Charter Parties 2020

08 November 2023

The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It replaces the Sanctions Clause for Time Charter Parties 2010 and the Designated Entities Clause for Charter Parties 2013 (which have been combined to make a new single clause for ease of incorporation).

Sanctions Clause for Container Vessel Time Charter Parties 2021

08 November 2023

The sanctions landscape for the container trade has grown increasingly complex over the past decade. To provide the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade BIMCO has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.

Sanctions Clause for Contracts of Affreightment (GENCOA) 2022

08 November 2023

The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.

Sanctions against Russia: Check your counterparts and contracts

24 February 2022

With sanctions imposed on Russian interests by the EU, UK, US and others, it is crucial that shipowners and operators check their counterparts and contracts immediately. The situation is currently changing rapidly, and more sanctions announcements could be on the way.

Sanctions Clause for Voyage Charter Parties 2020

08 November 2023

The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010 and the Designated Entities Clause for Charter Parties in 2013. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. The absence of a standard BIMCO sanctions clause for voyage charter parties has resulted in owners and charterers amending the BIMCO Sanctions Clause for Time Charter Parties or drafting bespoke clauses. BIMCO has therefore developed this sanctions clause for use in voyage charter parties so that there is an industry standard clause. It is intended to provide a balanced allocation of the risks posed by sanctions as between owners and charterers. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It is a sanctions clause that also covers issues related to designated entities previously found in BIMCO’s Designated Entities Clause for Charter Parties 2013. This new sanctions clause should be used instead of the old Designated Entities Clause.

EU ETS 180 Seminar

12 February 2024

Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.

EU ETS 180 Seminar

17 January 2024

Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.

EU ETS 180 Seminar

04 January 2024

Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.

EU ETS 180 Seminar

03 October 2023

Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.