What’s on the agenda at the upcoming BIMCO Documentary Committee meeting in Hamburg

Published: 19 March 2024

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The BIMCO Documentary Committee (DC) is set to convene in Hamburg on 22 March. The meeting's agenda includes significant projects for adoption and review by the DC, such as the updated SHIPMAN, a revised Russian Oil Price Cap Scheme Clause, BIMCO War Risk Clauses, an ETS Clause for Contracts of Affreightment, ASBATANKVOY, and the Methanol Annex to the BIMCO Bunker Terms 2018. 

In addition to these, the meeting will also touch on the status of CII. This follows a survey that BIMCO conducted earlier this year with the intention of gathering feedback from the wider industry regarding how the industry is dealing with CII.  

Projects up for adoption by the DC

SHIPMAN 
BIMCO's suite of ship management agreements, which includes SHIPMAN, CREWMAN A and B, SUPERMAN and LAYUPMAN, is currently undergoing a revision. This aims to reflect relevant advancements in ship management and associated third-party management practices since the agreements were initially published. 

The first document to undergo a revision was SHIPMAN which is now ready to be presented for adoption. As part of this latest revision, the subcommittee has also inserted an ETS Allowances Clause. A standalone clause for use with SHIPMAN 2009 was adopted by the DC and published in December 2023.

AUTOSHIPMAN, an industry-first ship management contract for autonomous ships based on SHIPMAN, will soon be presented for adoption by the Documentary Committee. 

Russian Oil Price Cap Scheme Clause
Recent adjustments by the EU/G7 on the price cap for certain Russian oil products have necessitated a revision of the Russian Oil Price Cap Scheme Clause. Given the scheme's complexity and the critical need for legal certainty, an updated version of the clause will be presented for adoption at the DC meeting. 

This proactive approach highlights BIMCO’s commitment to responding swiftly to rapidly evolving global scenarios.

Projects up for review by the DC

BIMCO War Risk Clauses Update
BIMCO's CONWARTIME and VOYWAR Clauses, specifically designed for time and voyage charter parties, were last updated in 2013. In addition, the BIMCO War Cancellation Clause has been available for use since 2004. The objective of this revision is to ensure that these industry standards remain up to date and aligned with commercial needs and insurance requirements.

ETS Clauses for Contracts of Affreightment 
In the wake of adopting three ETS Clauses for Voyage Charter Parties in 2023, a subcommittee is now drafting ETS Clauses for Contracts of Affreightment (COAs). These clauses are being tailored to cater to the unique characteristics of COAs while providing flexibility for parties to cater for their needs and business model. 

ASBATANKVOY Revision
The widely-used ASBATANKVOY charter party form has not been revised since 1977. The revision aims to modernise this popular form to match contemporary tanker trade trends and address industry stakeholder concerns raised over the years. The subcommittee is currently considering the significant amount of feedback received from a sounding board with a final draft contract expected to be ready for adoption in October 2024.

Methanol Annex to BIMCO Bunker Terms 2018
As part of BIMCO's alternative fuels initiative, work has commenced on the Methanol Annex to the existing BIMCO Bunker Terms 2018. The use of methanol as a marine fuel is gradually developing, and the lack of infrastructure available as well as lack of prevailing market standards or industry best practice regarding methanol bunkering has presented practical and legal challenges. 

However, with the demand of methanol projected to increase as one of the green, marine fuel alternatives, the subcommittee is striving to establish a comprehensive set of standard bunker terms for methanol. The subcommittee expects the final draft annex to be ready for adoption by the end of 2024. This initiative further solidifies BIMCO's commitment to guiding the market towards decarbonisation.

For a comprehensive overview of our ongoing contractual work, we invite you to visit our webpage, "What We Are Working On". 

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