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Novel Coronavirus - the importance of contractual clarity

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.

Supply/demand balance

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.

Average Bond Clause 2007

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.

Explanatory notes

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.

Explanatory notes

Preamble Clause 1 - Duration Clause 2 - Delivery Clause 3 - On-Off Hire Survey Clause 4 - Dangerous Cargo/Cargo Exclusions Clause 5 - Trading Limits Clause 6 - Owners to Provide Clause 7 - Charterers to Provide Clause 8 - Performance of Voyages Clause 9 - B... Please follow the link to continue reading.