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Freight rates are difficult to predict. This time around, the sudden tightness took us by surprise in a positive way.
BIMCO has developed a generic Asian Gypsy Moth 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 published on 22 January 2015. ** ASIAN GYPSY MOTH IS NOW KNOWN AS FLIGHTED SPONGY MOTH COMPLEX ** ** SEE THE UPDATED FLIGHTED SPONGY MOTH COMPLEX CLAUSE ** Not all countries have introduced the new name yet, but BIMCO has decided to standardise on Flighted Spongy Moth Complex, abbreviated to FSMC.
Commercial disputes and court and arbitration proceedings that follow can be very time-consuming and costly – and can risk damaging an otherwise fruitful business relationship between the parties. This article, based on interviews with shipping experts, explains what alternative dispute resolution (ADR) is and why you should always plan for it in contract negotiations.