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BIMCO marks World Oceans Day 2023 – “Planet Ocean: tides are changing”

07 June 2023

World Oceans Day was established by the United Nations to remind everyone of the major role the oceans have in everyday life. They are the lungs of our planet, a major source of food and medicine and a critical part of the biosphere- and of course vital to support world trade through shipping. The purpose of the day is also to inform the public of the impact of human actions on our oceans and to mobilise and unite the world’s population on a project for the sustainable management of the world's oceans. With this in mind, it is timely to remind people of the contribution of the shipping industry to addressing one of the greatest challenges facing the ocean: marine plastic litter.

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 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.

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.

Shipping industry to remove the Indian Ocean High Risk Area

22 August 2022

At 00:01 UTC on 1 January 2023, the Indian Ocean High Risk Area (HRA) for piracy will be removed. The removal of the HRA reflects a significantly improved piracy situation in the region, but voyage preparation, threat and risk assessment are essential when following Best Management Practice 5 (BMP5).

Somali Piracy: Indian Ocean High Risk Area revision effective 1 May 2019

11 March 2019

The Round Table of international shipping associations plus the OCIMF representing the global shipping and oil industry have announced the geographic boundaries of the ‘High Risk Area’ for piracy in the Indian Ocean have been reduced, with new advice issued to merchant ship operators.