Showing 131 - 140 of 200
Anna Wollin, Manager, Contracts and Clauses at BIMCO, says that many of the disputes that commonly occur when a ship is redelivered at the end of a time charter could be avoided by using clearer wording in contracts.
The Sale & Purchase (S&P) Masterclass examines the mechanisms and processes behind the sale and purchase of vessels.
The ongoing blockage of the Suez Canal has resulted in ships diverting south to transit around the Cape of Good Hope, potentially taking them through the High Risk Area. It is noted that whilst the threat of Somalia-based piracy is currently suppressed through a combination of military operations, application of BMP 5 and the presence of armed guards, an increase in maritime traffic through the area may present opportunities for Somali Pirate Groups to attack shipping. The consequences of not adopting effective security measures can be severe.
From 15 June 2022, international ships arriving in Australia will have to comply with new requirements for managing biofouling. This will include biofouling reporting requirements prior to arriving in Australian territorial seas.
You wouldn't navigate a ship without a chart, so why sign a contract without advice? Avoid unnecessary costs you couldn’t have foreseen.
The BIMCO Masterclass is designed to provide you with a comprehensive understanding of the principles of time chartering. The course will use case studies as the primary learning tool to allow you to develop a knowledge of the practical aspects of time chartering and its application in the daily operation of vessels. On the first day, we will begin with a general introduction to the practical aspects of time chartering seen from both the perspective of the owners and charterers. We will discuss how to identify and negotiate the best terms for a particular charter, and how to create and manage the charter party before and during the fixture. This part of the course will also cover disputes related to various daily issues, including seaworthiness and the obligation to issue and comply with voyage and employment orders. One of the key areas of dispute is the description of the vessel. The charter party will include a description of the vessel, and if the vessel does not meet these specifications, the charterer may claim damages from the owner. Another area of dispute is performance claims. The charter party will typically include provisions relating to the vessel's performance, such as speed and fuel consumption. If the vessel fails to meet these performance targets, the charterer may claim damages from the owner. Finally, we will discuss the disputes concerning the duration of the charter, especially in relation to redelivery, where disputes and discussions often occur concerning the vessel's last voyage. On the second day, we will look at common disputes related to the payment of hire. These include failure to meet the pre-agreed terms and conditions, unexpected delays or cancellations, failure to pay hire on time, disagreements over the amount of hire due, and failure to comply with any of the charter party terms and conditions on payments. All time charter parties contain an off-hire clause providing exceptions from the strict obligation for charterers to pay hire from delivery until redelivery. The specific terms of the off-hire clause will determine whether any particular event entitles the charterers to place the ship off-hire, and for how long. The course will conclude with a review of all the topics covered as a case study, enabling you to consolidate your understanding of the principles, practical aspects, and legal framework of a time chartering agreement.
