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Explanatory notes

BIMCO has recently conducted a review of the various Liberty and Deviation clauses that appear in BIMCO charter parties to update the wording to reflect current commercial and P&I Club practice. As it currently stands the English law position on deviation is at odds with commercial practice and the ... Please follow the link to continue reading.

Standard term sheet and new agency agreement top Documentary Committee agenda

The Documentary Committee, under the chairmanship of Mr Francis Sarre, met in Copenhagen on 17 November in Copenhagen for its regular autumn meeting. Following two years’ intensive work involving owners, lawyers and financial institutions, a new Standard Term Sheet for Bilateral Financing was adopte... Please follow the link to continue reading.

Explanatory notes

The BIMCO ISPS Clauses for Time and Voyage Charter Parties have now been in circulation for over a year. The Clauses have enjoyed widespread use in the industry and are generally acknowledged as having provided a timely and much needed contractual response to concerns regarding the impact of the ISP... Please follow the link to continue reading.

Explanatory notes

With reference to the announcement on pages 2916-2922 of BIMCO Bulletin V/1974 of the new editions of the “Baltime 1939” and the “Linertime” Charters, i.e., with the “box layout”, there is reason once more to underline that the “Linertime” Deep Sea Time Charter is intended especially for fixtures fo... Please follow the link to continue reading.

BIMCO's Documentary Committee met on 20 April

On 20 April, BIMCO's Documentary Committee held its spring meeting at BIMCO House in Copenhagen to consider ongoing projects and discuss strategy on the association's contractual work.

Supply/demand balance

Even though cargo volumes and tonne miles quickly recovered from a seasonal dip early in the year, freight rates have not yet been able to fully match the peaks of the 4th quarter 2022. Earnings, however, remain solid and time charter rates and second-hand ship prices are at their highest levels sin... Please follow the link to continue reading.

Persian Gulf: War risks revisited

As a result of increasing tension in the Persian Gulf area following recent attacks on two tankers, War Risk underwriters are charging additional premiums (AP) for calls to the Arabian Gulf/Gulf of Oman. Some underwriters are charging a flat rate for all tonnage operating in the area, while others a... Please follow the link to continue reading.