Good progress on syndicated term sheet for ship financing
Overview
The subcommittee set up to develop a syndicated version of SHIPTERM, BIMCO’s new standard bilateral term sheet, made good progress at its second meeting on 7-8 September in London.
At the meeting, members discussed a first draft term sheet prepared by the lawyers represented on the subcommittee. The draft was based on SHIPTERM. Although a number of aspects relating to syndication had to be reflected in the new draft, many of SHIPTERM's provisions could be maintained or adapted to fit into a syndicated form. The subcommittee agreed that the bilateral and syndicated versions of the term sheet should be complementary.
The ambition is to finalise a first draft for consideration by the Documentary Committee at its next meeting on 14 November. If the first draft is finalised in time, it will be shared before the end of the year with the sounding board set up to enable a broader group of stakeholders to comment on the draft. The sounding board currently consists of about 85 ship financing experts within the ship owning, banking and legal sectors. Ship financing stakeholders interested in joining the sounding board can send an email to contracts@bimco.org.
Meanwhile, a seminar on SHIPTERM will be hosted by BIMCO and Blank Rome LLP in New York on 28 September. The seminar is free of charge and open to BIMCO members and non-members. Participants will receive a copy of the SHIPTERM booklet containing the standard term sheet and explanatory notes. They will meet a panel of representatives of the subcommittee that developed SHIPTERM, namely Francis Sarre, Compagnie Maritime Belge (chairperson of the subcommittee); Christopher Conway, Citi; Klaus Vilstrup, Dampskibsselskabet NORDEN A/S and Matt Hannaford, Hannaford Turner LLP.
Feedback or a question about this information?
Posted:
14 September 2017
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
Related publication
Ship Management Contracts
The handy guide contains explanatory notes to all of BIMCO’s current standard ship management contracts.
Related training
Commodity Trading & Chartering Masterclass Online
- Online, Online
- 03 February, 2025
Commodity Trading & Chartering Masterclass Online is a series of 10 online sessions delivered over 5 days. Each day will run for 2x75 minutes with a short break...
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
