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Providing guidance and the course of action required when you cannot find the cargo and its carriage requirements in the International Maritime Solid Bulk Cargoes (IMSBC) Code.
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.
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.
One more month to go before Amendment 06-21 (Amdt 06-21) to the International Maritime Solid Bulk Cargoes (IMSBC) Code enters into mandatory force on 1 December 2023. This Amendment will put into effect some major amendments to the IMSBC Code.
The International Maritime Organization (IMO) adopted Amendment 07-23 to the International Maritime Solid Bulk Cargoes (IMSBC) Code in June 2023.
How does the International Maritime Solid Bulk Cargoes (IMSBC) Code work? When is it applicable? What are the things you need to look out for in the Code? Find your answers here in our BIMCO basic IMSBC Code Step-by-Step User Chart Guide which gives you a good overview of the requirements of the IMSBC Code.
BIMCO gets enquiries often in relation to the classification group and carriage requirements of solid bulk cargoes that are not listed in the International Maritime Solid Bulk Cargoes ( IMSBC) Code. BIMCO provides guidance and the course of action required in such cases leading up to having the cargo listed in the IMSBC Code.
