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BIMCO documents currently contain general average clauses that refer either to the York-Antwerp Rules (YAR) 1994 or, to a lesser extent, the YAR 1974. BIMCO’s recommendation in respect of new and revised charter parties, bills of lading and waybills has so far been that general average should be adjusted in accordance with the YAR 1994. A new set of YAR 2016 was adopted by the Assembly of the Comité Maritime International (CMI) at its 42nd International Conference held from 3rd to 6th May 2016 in New York. As the YAR 2016 are considered to represent a set of Rules that BIMCO could refer to in its standard documents, BIMCO’s Documentary Committee decided, at its meeting on 10th May 2016, that all new and revised BIMCO charter parties, bills of lading and waybills will now refer to general average being adjusted in accordance with the York-Antwerp Rules 2016. References to earlier versions of the YAR in existing BIMCO documents will gradually be replaced by a reference to the YAR 2016 in the online versions of these documents.
BIMCO's Documentary Committee met on 10 May in Copenhagen and approved for publication three standard novation agreements for time charter parties and shipbuilding contracts.
BIMCO will now refer to general average being adjusted in accordance with the new York-Antwerp Rules (YAR) 2016
Our recommendation remains to balance your exposure to market by seeking a fixture in the time charter market.
The shipping market and underlying profitability can only improve if the fundamental conditions (supply and demand) also improve. Therefore transportation of larger volumes, longer sailing distances in general or a lower increase of dry-bulk fleet size is a prerequisite for better markets to arrive.
Peter talks to Gibraltar Shipping providing more insight on his role and views on current shipping trends.
The demand situation is developing a tad slower than what the market had anticipated. After the expected dip around Chinese New Year (February), volumes have failed to pick up markedly.