Updated version of WRECKSTAGE agreement released

Published: 04 June 2024

The updated 2024 version of BIMCO’s widely used wreck removal and marine services agreement, WRECKSTAGE, is now available for use in SmartCon.

BIMCO’s standard wreck removal agreements — WRECKSTAGE and WRECKHIRE— were first published in 1993, with revisions in 1999 when WRECKFIXED was added. All three forms were further revised in 2010 to align with modern commercial practices and ensure fairness.

Since then, significant casualties, advanced technology, and the Nairobi Convention have reshaped wreck removal practices. The adoption of Quantitative Risk Assessment (QRA) in the contracting process and discussions between the International Salvage Union (ISU) and the International Group of P&I Clubs (IG) on updating the code of practice led to a major revision of WRECKSTAGE and updates to all three agreements. QRA helps manage risks in engineering projects, affecting risk allocation and pricing.

The updated WRECKSTAGE is the result of a collaborative effort by the International Salvage Union (ISU), members of the International Group of P&I Clubs, and legal experts. Revisions of WRECKHIRE and WRECKFIXED are due in 2025.

Receive maritime insights directly in your inbox!

Stay ahead and get the news faster. Subscribe to our newsletter for timely updates, expert analysis and exclusive content.

What best describes your reason for contacting BIMCO?

This helps us direct your call to the correct department.

Please select a reason for contacting BIMCO from the list above to find the best contact number