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On 21 March, the subcommittee established to develop a standard term sheet for syndicated ship financing transactions met for the first time to consider how to approach the work ahead.
In recent months, Somali pirates have repeatedly attacked and hijacked a number of merchant vessels in international waters. These incidents serve as a grim reminder of the critical importance of BMP5 (Best Management Practices to Deter Piracy and Enhance Maritime Security in the Red Sea, Gulf of Aden, Indian Ocean, and Arabian Sea) in the shipping industry.
Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the Covid-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year.
BIMCO, the world’s largest shipping association, has moved a step closer to finishing a global set of guidelines needed to protect the marine environment from invasive species and reduce CO2 emissions. Currently, there is no common global standard for cleaning ships’ hulls to avoid transferring invasive aquatic species, nor for the potentially damaging debris washed off in the process.
Empower your shipping practitioners to overcome today’s maritime commercial and legal challenges, with BIMCO training that’s made just for you.
We are pleased to invite you to join us in Dubai on 16 October for a seminar hosted jointly by BIMCO and Citibank on BIMCO’s new standard term sheet for bilateral ship financing transactions, SHIPTERM.
BIMCO, flag administrations and port associations have submitted a proposal to the IMO Facilitation Committee to develop IMO guidelines that provide global industry standards for data and data sharing, with the aim to enhance communication and thereby efficiency during port calls.
A practical workbook on identifying cyber risks and how to respond in case of a cyber attack.
BIMCO is developing a term sheet for ship sale and leaseback transactions, SHIPLEASE, and is seeking input from industry experts on the new standard.
The BIMCO roundtable on safe and environmentally sound ship recycling held during London International Shipping Week highlighted the need for debunking myths around the Hong Kong Convention (HKC) and urged all stakeholders to work together to realise the convention’s potential.
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