Though the spot markets for both crude and product tankers have suffered reductions during 2023, and crude tankers especially have seen significant volatility, both markets have remained attractive. Time charter rates have remained near the highs of 2022 and second-hand ship prices have continued to... Please follow the link to continue reading.
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In the wake of the events of 11 September 2001 the U.S. has been imposing on the shipping industry new security regulations and measures, which have caused increased expenses and delays to vessels calling in the U.S. In an effort to protect owners against the consequences of these new security measu... Please follow the link to continue reading.
The Law and Arbitration Clause 2020 replaces the Dispute Resolution Clause 2017. There are versions available for four named arbitration venues – London, New York, Singapore and Hong Kong. The mediation provision found in earlier versions of this clause has been removed and made into a free standing... Please follow the link to continue reading.
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Projects for standard contracts and clauses covering almost every sector of the shipping industry will be reviewed by BIMCO’s Documentary Committee (DC) when it meets on 21 and 22 September. The gathering of over 70 documentary experts from around the world will take place online for the first time ... Please follow the link to continue reading.
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BIMCO Seaworthy Trim Clause Charterers shall leave the Vessel in seaworthy trim and with cargo on board safely stowed to Master's satisfaction between loading berths/ports and between discharging berths/ports, respectively; any expenses resulting therefrom shall be for Charterers' account and any ti... Please follow the link to continue reading.
BIMCO Delivery and Re-delivery Surveys Clause At first and last ports, the parties shall each appoint a representative (Surveyor, Master or Superintendent) for the purpose of determining and agreeing in writing the condition of the Vessel at the times of delivery and re-delivery. Time actually lost ... Please follow the link to continue reading.
BIMCO has updated its contract editing tool, SmartCon, with a new feature that enables users to add electronic signatures to their finalised contracts using DocuSign™ and thereby save time and money compared to relying on couriers to obtain physical signatures on paper copies.
