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Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years. A combination of strong demand following a series of market shocks and low orderbooks have kept older ships operating for longer than usual.
In January 2021, BIMCO will be inviting the industry to view and offer feedback on the new Ship Sale Agreement in the pipeline. The new form is on track for publication in 2021.
BIMCO has published two clauses that take a balanced approach to termination risk following ship arrest, in response to cases seen in recent years when some dry cargo charterers have tightened procedures to arrest under a charter party.
BIMCO, together with Bangladesh, India, Norway, Pakistan and the ICS, has submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on 18-22 March 2024. The paper highlights the need to solve possible conflicting requirements of the Hong Kong Convention and the Basel Convention which could have severe consequences for shipowners, ship recycling facilities and ships if unresolved.
BIMCO has collected statements from a number of flag states, port states and recognised organisations/classification societies (RO) and produced a regulatory analysis concerning COVID-19 and its possible implications on statutory ship certificates, surveys, inspections or audits under relevant International Maritime Organization (IMO) and International Labour Organization (ILO) instruments.
BIMCO has started work on standard arrest clauses for use in charter parties.
The subcommittee set up to develop a syndicated version of SHIPTERM, BIMCO’s new standard bilateral term sheet, made good progress at its second meeting on 7-8 September in London.
BIMCO advises on how you could check whether your solid bulk cargo is exempted from having a requirement to have a ship fitted with a fixed gas fire-extinguishing system.
The Standard Deposit Escrow Agreement for Ship Sale and Purchase is a contract for depositing money in connection with ship sale and purchase transaction. The latest edition of this contract is the Standard Deposit Escrow Agreement for Ship Sale and Purchase, issued in 2017. Copyright in the Standard Deposit Escrow Agreement for Ship Sale and Purchase is held by BIMCO.
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