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BIMCO’s Casper Broustbo talks about our contract editor SmartCon

02 August 2022

SmartCon is BIMCO’s online contract editor. It allows users to edit, negotiate and finalise over 150 different shipping-related documents. It includes the most popular and common contracts such as bills of lading, time and voyage charter parties as well as sale and purchase and newbuilding contracts.

Q&A with Nick Fell, Chairperson of BIMCO’s Documentary Committee

01 February 2023

Nick Fell of BW Group was officially elected Chairman of the Documentary Committee at BIMCO’s General Meeting on 20 May last year. When Fell took over, the industry was in many ways still confronted with the effects of the COVID-19 pandemic while, at the same time, the need for contractual solutions in key areas such as environmental compliance was growing. Below, Fell answers seven questions about his and the Committees work.

What are the differences between demurrage and detention?

24 November 2021

Demurrage forms an integrated part of the laytime provisions in voyage charter parties operating with fixed laytime. Just as voyage freight, the amount of demurrage negotiated reflects the current market conditions and not necessarily the daily cost of the vessel. This means that it is just as important to negotiate the applicable demurrage rate as skilfully as it is to negotiate the rate of freight. Demurrage constitutes the compensation to which the owners are entitled, if the charterers fail to load or discharge the ship within laytime allowed. However, different jurisdictions construe demurrage differently.