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Tripartite Forum: Shipping Industry prepares for major changes

22 October 2018

The shipping industry is on the verge of major changes requiring strong collaboration between ship builders, ship owners and classification societies, agreed the 70 plus participants of the 2018 Tripartite Forum held in Seoul, South Korea on 11 and 12 October.

Sanctions Clause for Container Vessel Time Charter Parties 2021

08 November 2023

The sanctions landscape for the container trade has grown increasingly complex over the past decade. To provide the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade BIMCO has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.

Sanctions Clause for Voyage Charter Parties 2020

08 November 2023

The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010 and the Designated Entities Clause for Charter Parties in 2013. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. The absence of a standard BIMCO sanctions clause for voyage charter parties has resulted in owners and charterers amending the BIMCO Sanctions Clause for Time Charter Parties or drafting bespoke clauses. BIMCO has therefore developed this sanctions clause for use in voyage charter parties so that there is an industry standard clause. It is intended to provide a balanced allocation of the risks posed by sanctions as between owners and charterers. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It is a sanctions clause that also covers issues related to designated entities previously found in BIMCO’s Designated Entities Clause for Charter Parties 2013. This new sanctions clause should be used instead of the old Designated Entities Clause.

Sanctions Clause for Contracts of Affreightment (GENCOA) 2022

08 November 2023

The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.

Maritime Labour Convention, 2006 update

22 June 2021

BIMCO provides an update on the Maritime Labour Convention, 2006 (MLC, 2006), taking into account of the recent fourth meeting that was held by the MLC's Special Tripartite Committee in April this year.

Maritime Labour Convention – what are the latest amendments adopted in 2022?

18 May 2022

With the onslaught of the COVID-19 pandemic that started in 2020 , it has inevitably brought about all possible delays and impact ed every sector of the shipping industry. Perhaps it was a blessing in disguise as the Maritime Labour Convention’s amendments were timely to take into account the experiences which the shipping industry has had in particular with seafarers . BIMCO sees th is as a major step to improving the protection of seafarers especially for cases where they have been abandoned or are in need of medical assistance or basic entitlement to internet access on board ships as well at ports.