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Counter party risk - background checks

05 December 2022

Among the types of counter party risk that arise when entering into a new fixture or contractual arrangement, are managing performance risk and credit risk management. This guidance focuses on performance and credit risks since these are the most relevant for enabling recovery to be made in P&I and FD&D cases.

Red Sea & Gulf of Aden: using BIMCO’s VOYWAR and CONWARTIME clauses

21 December 2023

In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses: BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) and BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013). These clauses contain a broad definition of “War Risks” that include warlike operations and hostilities that do not require a declaration of war by states. However, it is of utmost importance that all parties involved have a comprehensive understanding of these clauses, ensuring they are well-informed and prepared for any potential outcomes.

Initial draft of CONWARTIME 2013 now ready

28 September 2023

The subcommittee held a productive meeting at West P&I's London offices and the dedicated drafting team has successfully concluded the initial draft of the War Risks Clause for Time Chartering (CONWARTIME).

New Wreck Removal Agreement provides optional risk allocation procedure

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.

Cyber risk and autonomous ships

30 April 2019

BIMCO has submitted four papers to the Maritime Safety Committee. The papers discuss how autonomous ships should be tried before they are allowed to operate, and that cyber risk management should be part of the ship’s Safety Management System.