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Thursday, November 26, 2020

Documentary Committee News

Photo: BIMCO

BIMCO's Sanctions Clauses to Meet Challenges

BIMCO’s Documentary Committee has approved two charter party sanctions clauses to help owners and charterers manage due diligence policies and navigate an increasingly complex environment of economic and trade sanctions imposed by governments.Sanctions have become a widely used geopolitical tool by governments. The rules are complex, imprecisely drafted, often changing, and the risks of violation can be high. The necessity of sanctions clauses that provide contractual certainty has prompted BIMCO to revise…

BIMCO Overhaules Standard Ship Repair Contracts

BIMCO, the largest of the international shipping associations representing shipowners, said that it has revised and updated its two standard ship repair contracts: REPAIRCON, which is for major work at a repair yard; and MINREPCON, which is for minor repair work that can be done by contractors when a ship is in port.Both contracts were approved at BIMCO’s Documentary Committee in Copenhagen on 13 November. Modifications and improvements have been made to the REPAIRCON contract…

BIMCO, FONASBA Launch General Agency Agreement

BIMCO and FONASBA have once again joined forces to create and launch a new general agency agreement for port agents, shipowners and ship operators contracting port agency services. The new standard contract, which can be downloaded from the FONASBA website and BIMCO’s IDEA, formalizes and sets out clear terms for any agreements made, for the benefit of both sides. Drawn up by the group responsible for drafting the Agency Appointment Agreement which was released earlier this year, the new contract is easy to use and can readily be adapted for single use or a long-term contract.

FONASBA, BIMCO launch Agency Appointment Agreement

FONASBA and BIMCO have launched a new Agency Appointment Agreement document. This new form, which is based on BIMCO’s tried and tested box layout, provides a simple, clear and effective means of confirming the details of an agency agreement for an individual or short series of port calls. Many agency appointments are agreed on the basis of a telephone conversation or simple exchange of emails and this new form formalises that exchange by clearly setting out the details of both parties…

BIMCO Adopts Ship Financing Term Sheet

In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016. BIMCO President Philippe Louis-Dreyfus said, “I am particularly pleased to see BIMCO taking this important step. BIMCO is the world leader in the production of standard contracts and clauses for the maritime industry. It is only natural that its documentary activities also cover ship financing – an issue which has become increasingly important and challenging over the years…

Standard Bunker Contract Review Begins

Three of the world’s largest bunker suppliers, including World Fuel Supplies and Dan Bunkering, have joined a team of industry experts to review BIMCO’s standard bunker contract – BIMCO Terms 2015. Shipowners will be represented by Denmark-based J Lauritzen and Norden. Legal and P&I input comes from Clyde & Co and the North of England P&I Club. The initiative is supported by the International Bunker Industry Association (IBIA) who will have a representative on the team. BIMCO…

Spill Response Tackled In New Contract

The International Spill Control Organization (ISCO) and BIMCO are working together to develop a standard contract for spill response services. The contract is expected to be published by the end of the year. The Spill Response Services and Equipment Contract is designed for situations where a spill incident occurs and the shipowner or other stakeholder (the “requesting party”) needs to contract for clean-up services, counter pollution measures, and hire of equipment. Terms and…

BIMCO to go by York-Antwerp Rules 2016

BIMCO’s Documentary Committee, who met in Copenhagen yesterday, have agreed that all new and revised BIMCO charter parties and bills of lading will now refer to general average being adjusted in accordance with the new York-Antwerp Rules (YAR) 2016. The YAR 2016 were adopted by the Assembly of the Comité Maritime International (CMI) at its 42nd International Conference held last week in New York. The YAR 2016 largely reflect the YAR 1994, which BIMCO has to date recommended as the basis for general average adjustments…

IUMI Welcomes Revised York-Antwerp Rules

In general, the International Union of Marine Insurance (IUMI) welcomes the revised York-Antwerp Rules (YAR 2016) which were adopted by the Comité Maritime International (CMI) at its conference in New York last week. The York-Antwerp Rules (YAR) is a set of rules by which General Average (GA) is adjusted (see detailed explanation in the notes below). IUMI has a particular interest in their content as, on average, the GA system increases the cost of maritime casualties by between 10%-30% largely due to interest (7% p.a.

BIMCO Signs New LNG And Shipbuilding Supervision Contracts

The twice yearly meeting of BIMCO’s Documentary Committee took place in Hamburg on 19 November. In his first meeting as Chairperson of the Committee, Belgium’s Francis Sarre presided over the adoption of several new contracts and clauses and an update of BIMCO’s extensive suite of bills of lading and waybills. Two new owner representatives joined the Committee from Canada and Brazil, reflecting the importance of the Americas in BIMCO’s global coverage of documentary matters. In addition to the adopted contracts and clauses…

BIMCO Declares Winners of Its 2015 Awards

Last night in Hamburg, BIMCO President Philippe Louis-Dreyfus chose to give public recognition to all seafarers who have been – and still are – involved in rescuing people in distress at sea. Mr. Louis-Dreyfus awarded the BIMCO President’s Award to Columbia Shipmanagement Hamburg, for their “outstanding” work in rescue operations involving migrant boats in the Mediterranean. He asked Captain Horber from Columbia Shipmanagement to accept the award on behalf of their crews, but also on behalf of all seafarers who risk their lives in rescue operations.

Photo: Teekay Tankers

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA). Rising bunker prices due to rising oil prices and volatility in global politics can have a dramatic effect on trade as they fluctuate not just day to day, but also port to port. Bunker fuel costs today form the largest part of owners’ expenses, ranging from 40-60% of the overall operating costs of a ship. The tightening of regulations in Emission Control Areas (ECAs) requiring the use of low sulphur content fuels not only carries with it the risk of fines…

BIMCO Reflections 2014

BIMCO has published its Reflections 2014, a short and accessible analysis including its clear views on the critical issues faced by the shipping industry today and in the coming years. Not least, the steady improvement of the global economy is bettering the outlook for shipping, as demand goes up and fleet expansion growth cools off, the market fundamentals are expected to improve across the board. Windows of sustainable earnings are likely to occur more often going forward. But the regulatory burdens…

John Denholm

John Denholm Takes Over BIMCO Presidency

The new president of BIMCO, John Denholm, has identified environmental pressures facing the shipping industry as some of its most significant current challenges as he embarks upon his two year term. Speaking in Paris, as he took over the presidency of the shipping organization from Yudhishthir Khatau, Mr. The third BIMCO President from the Glasgow family shipping company, Mr. Denholm said that the challenges currently being faced by the industry are “more difficult and more complex” than those of the past.

VOYLAYRULES Get Makeover

The standard charter party laytime definitions known as 'VOYLAYRULES' are being updated to reflect developments in case law & commercial practice. VOYLAYRULES, which are jointly produced by BIMCO, FONASBA, INTERCARGO and CMI, last published in 1993, provide a set of standard definitions for commonly used charter party laytime terms which can be incorporated in whole or part into charter parties. Their purpose is to help reduce charter party disputes on matters of interpretation of laytime provisions.

Counter-piracy: BIMCO's GUARDCON Contract INTERTANKO Endorsed

INTERTANKO’s Documentary Committee endorses BIMCO's newly published standard contract for Private Armed Guards (GUARDCON). GUARDCON has now been in use for some months. During this time the Documentary Committee has reviewed the GUARDCON wording and, as the use of private armed guards has proliferated, has considered it against a backdrop of other contracts for the use of private armed guards. The Committee found that private armed guard contracts vary in content and standard, with some being unclear and/or unfavourable to owners.

Fonasba Endorses Revised Norwegian Saleform

The Federation of National Associations of Shipbrokers and Agents, (FONASBA), has endorsed  the newly released SALEFORM 2012, developed jointly by the Norwegian Shipbrokers Association (NSA) and BIMCO. SALEFORM is the shipping industry’s most widely used agreement for the sale and purchase of second-hand ships. SALEFORM 2012 builds upon SALEFORM 93 retaining the accepted general principles and familiar structure. “At FONASBA, we are pleased and proud to support publication of the revised NSF 2012…

NSA, BIMCO: Meetings To Discuss SALEFORM Revision with S&P sector

During the past 12 months the industry’s most widely used standard contract for the sale and purchase of secondhand ships, SALEFORM 93, has been the subject of a revision process by the Norwegian Shipbrokers Association (NSA) and BIMCO. The objective of the revision of SALEFORM 93 has been to bring this well used form in line with current commercial practice and legal developments. An important part of the revision process is to give the wider industry the opportunity to review…