22 February 2023
The bill of lading is a key document. It is issued by the carrier to a shipper and serves as a receipt for goods shipped, evidence of the contract of carriage, and a document of title. It is an important document in international maritime trade as it serves as proof of ownership and provides legal protection for both the shipper and the carrier. It also serves as an invoice for payment and can be used to obtain insurance coverage. A letter of indemnity is a document used in international maritime transportation to protect the carrier from any financial losses or liabilities. It is typically used when the carrier is asked to release the cargo without the original B/L available upon arrival at the discharging port if the cargo destination is changed or the cargo is traded and split up. The letter of indemnity serves as an agreement between the shipper and carrier that the shipper will be responsible for any losses incurred due to their negligence or lack of documentation.
12 March 2020
Even before the effects of the coronavirus, the ‘Phase One’ agreement between China and the US failed to boost volumes of the implicated goods in January.
17 March 2023
The bill of lading is a key document. It is issued by the carrier to a shipper and serves as a receipt for goods shipped, evidence of the contract of carriage, and a document of title. It is an important document in international maritime trade as it serves as proof of ownership and provides legal protection for both the shipper and the carrier. It also serves as an invoice for payment and can be used to obtain insurance coverage. A letter of indemnity is a document used in international maritime transportation to protect the carrier from any financial losses or liabilities. It is typically used when the carrier is asked to release the cargo without the original B/L available upon arrival at the discharging port if the cargo destination is changed or the cargo is traded and split up. The letter of indemnity serves as an agreement between the shipper and carrier that the shipper will be responsible for any losses incurred due to their negligence or lack of documentation.
02 May 2023
The BIMCO Masterclass is designed to provide you with a comprehensive understanding of the principles of time chartering. The course will utilise 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 day 2, 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.
27 March 2024
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.
25 October 2022
The introduction of QRA (Quantitative Risk Analysis) into the contracting process for maritime wreck removal operations has prompted a revision of WRECKSTAGE. QRA is used to assess risk in the operation of an engineering process to inform and guide decisions on the allocation of risk between the contracting parties and the consequent pricing ramifications.
10 January 2023
BIMCO has started work to draft an industry standard clause for the Russian Oil Cap Scheme.
16 September 2020
BIMCO is developing a standard refund guarantee for shipbuilding contracts, including the SAJ and Chinese forms. The current issue is that English law and jurisprudence on guarantees is contradictory, complex and often very difficult to understand from a commercial perspective, and as a result small changes made by negotiators can have wide reaching commercial consequences.
24 February 2017
On 20 February 2017, BIMCO and FONASBA broadcasted a webinar to discuss the recently published Agency Appointment Agreement.
15 April 2020
In light of the preventive measures taken by ports states, making crew change and repatriation difficult, if not impossible, many flag states and administrations are taking a pragmatic approach to statutory certificates and agreements in line with IMO circular 4204, add. 5.
