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The shipping industry has welcomed the growing momentum for a USD 5 billion R&D Fund for shipping, but is calling on governments to act in line with their climate commitments and not waste more time in moving forward with decisive action to support the decarbonisation of the industry.
A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.
Refund guarantees are complex legal documents and must meet the requirements of the issuing banks. BIMCO has, in close co-operation with legal and commercial experts, banks and shipyards, been working to develop a standard refund guarantee which can be used for shipbuilding contracts, such as SAJ.
The year 2021 has started in much the same way as 2020 ended for US container imports; import volumes are still surging.
The International Maritime Organization’s (IMO) latest resolution offers a much-needed path to help prepare for cyber attacks, which are seen as increasingly likely in this digital age. Since January, shipowners and operators have been obliged to assess and prepare for cyber threats to comply with the new resolution.
TOWCON is an ocean towage agreement on a lump sum basis. It is not intended for use in port towing. The latest edition of this contract is TOWCON 2021. Copyright in TOWCON 2021 is held by BIMCO.
TOWHIRE is an ocean towage agreement on a daily hire basis. It is not intended for use in port towing. The latest edition of this contract is TOWHIRE 2021. Copyright in TOWHIRE 2021 is held by BIMCO.