Guidance Notes The following guidance notes are intended to provide some background to the thinking behind the BIMCO LNG Fuel Quality Clause for Time Charter Parties. These notes explain the scope of each provision and clarify how the clause is intended to operate and the way it allocates risk betwe... Please follow the link to continue reading.
Background Specialist Piracy Clauses setting out party rights and obligations in response to piracy risks were first issued in 2009. Three provisions were drafted respectively for time charter parties, consecutive voyage charters/COAs and single voyage charters. However, following a recent court cas... Please follow the link to continue reading.
BIMCO has published a charter party clause promoting the use of the IMO’s data model framework. The publication is an extension of BIMCO’s strategic objective to encourage greater efficiency and harmonisation in the ship-shore interface.
In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses VOYWAR 2013 and CONWARTIME 2013
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BIMCO has received numerous enquiries from members uncertain about how the Novel Coronavirus outbreak will impact contracts. The following includes some general remarks, but it is important to evaluate carefully each situation on its own merits.
This year, BIMCO has expanded its ice reporting to cover the Northern Chinese, Japanese and Greenland sea areas, and can advise on contractual issues related to ice clauses.
In 1982, BIMCO published its first standard contract of affreightment for dry bulk cargoes and codenamed it VOLCOA. It is the forerunner to GENCOA, which was issued in 2004. A contract of affreightment is an agreement between an owner and a charterer for the carriage of a certain amount and type of ... Please follow the link to continue reading.
The Baltic Clean Tanker Index (BCTI) has year to date 2023 fallen 28% compared to the same period last year whereas the Baltic Dirty Tanker Index is down 9%. However, both indices remain higher than the ten year average. Time charter rates have fallen from the highs achieved in late 2022. Yet they r... Please follow the link to continue reading.
The BIMCO Average Bond Clause 2007 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been br... Please follow the link to continue reading.
