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In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.
Providing information on ship sanitation control exemption /ship sanitation control certificate under the International Health Regulations, 2005.
Today's weakness in box shipping might lead to 200 vessels being taken out of service until volumes rise, BIMCO analyst Peter Sand told Fairplay today.
Since the beginning of 2019, the EU has had its own set of rules for ship recycling. The rules may even influence shipowners not using an EU flag.
BIMCO's position has been approved by the BIMCO Board of Directors.
The Hebei Maritime Safety Administration (MSA) in China has recently released a case where the local regulator fined a ship that burned high sulphur content fuel.
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility.
Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book.
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.
In a clear sign of industry support for BIMCO’s initiative to develop a new ship sale and purchase agreement, the organisation has received over 800 individual comments on its consultation draft, which will shape the final version of the agreement.
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