Showing 61 - 70 of 200
BIMCO and ISCO have launched two new spill response contracts to make the task of arranging clean-up services following a spill incident significantly easier to negotiate in an emergency.
Geopolitics is the dominating variable in the tanker market these days. With the OPEC+ negotiations falling apart and Saudi Arabia initiating an oil price war, the crude oil tanker spot freight rates, and time charter (TC) rates have soared.
BIMCO has developed a generic Flighted Spongy Moth Complex Clause for Time Charter Parties that provides a commercial solution focussing on the basic obligations and responsibilities of the owners and the charterers. This clause was renamed from Asian Gypsy Moth Clause for Time Charter Parties in March 2023 Not all countries have introduced the new name yet, but BIMCO has decided to standardise on Flighted Spongy Moth Complex, abbreviated to FSMC.
BIMCO has received numerous questions related to the costs of “sea trials” in the Suez Canal – mainly creating disputes for ships transiting for the first time.
This clause was published on 19 May 1981.
Recently, shipping companies have begun to include Just In Time (JIT) procedures as an energy efficient measure in their vessel’s Ship Energy Efficiency Management Plan (SEEMP). The implementation of the Carbon Intensity Indicator (CII) by the International Maritime Organization (IMO) as per 01/01/23, has increased this practice as shipowners seek to identify practical methods to reduce their emissions.
