Transparency and cooperation at heart of updated HYDROCHARTER
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Overview
BIMCO and Norwegian-based global aluminium company Hydro have launched a new edition of the HYDROCHARTER voyage charter party and HYDROBILL bill of lading.
A team of industry experts from Lauritzen Bulkers, Western Bulk, Skuld, Nordisk and Pareto have contributed their expertise to the updated contract. The HYDROCHARTER is designed to meet the business requirements of Hydro, particularly in the aluminium trade. The new edition reflects changes in commercial practice and legal developments since the form was last issued in 1997.
Gustav Heiberg, Director and Head of Logistics at Hydro, said:
The Hydro freight charter has been renewed several times since it first was established in 1923. Through the joint work with BIMCO, it has been given a timely overhaul. The updated contract will continue to work as a basis for our contracts of affreightment and will save time for all parties involved in the tender process
Ulrik Danstrøm, Senior Chartering Manager at Lauritzen Bulkers and chairman of the drafting committee, added:
With the expertise of the drafting team and the input from BIMCO’s Documentary Committee we now have a modern Hydro charter party that reflects recent developments and commercial practice. We commend the inclusion of a number of BIMCO standard clauses, and we believe that the new HYDROCHARTER will serve the industry well
Gustav and Ulrik added that transparency, dialogue and cooperation across the industry is vitally important – particularly in difficult market conditions. They feel that shipowners, operators and cargo owners should work together to ensure transparent, predictable and fair frameworks as a basis for sustainable collaboration. In their view this is what the joint BIMCO/HYDRO drafting group have achieved with the revised HYDROCHARTER.
The HYDROCHARTER 2017 and HYDROBILL 2017 are also now available for use through BIMCO’s charter party editor, IDEA. Questions about the contract can be sent to BIMCO at contracts@bimco.org.
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Posted:
01 March 2017
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