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Ship financing just got less complicated

BIMCO has developed a new standard term sheet for syndicated ship financing (SHIPTERM S) – the first industry standard of its kind for syndicated loans. The term sheet was approved for publication at BIMCO’s biannual Documentary Committee meeting on May 2 in New York.

Background

Following the successful launch of BIMCO’s bilateral term sheet in 2017, SHIPTERM, it was agreed to develop a complementary form for syndicated loan transactions. The Documentary Committee approved this syndicated edition, named SHIPTERM S, in May 2018. BIMCO is grateful to the following subcommitte... Please follow the link to continue reading.

Explanatory notes

Background Nature of the term sheet Preamble Part I Clause 1 (Facility) Clause 2 (Purpose) Clause 3 (Drawdown) Clause 4 (Repayment) Clause 5 (Cancellation and Prepayment) Clause 6 (Interest) Clause 7 (Fees) Clause 8 (Finance Documents) Clause 9 (... Please follow the link to continue reading.

Change at the helm of BIMCO Documentary Committee

Documentary Committee Chairman Francis Sarre of CMB has, after six years in the driver’s seat, passed over the reins of BIMCO’s contracts and clauses approval body to Nick Fell of BW Group. Fell takes over as Chairman at a time when the industry needs strong contractual solutions, not least due to t... Please follow the link to continue reading.