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Henning Nielsen retires

Our oldest and longest-serving current member of staff, Henning Nielsen, has retired at 69 after over 37 years at BIMCO. He’s seen 20 BIMCO presidents and seven secretaries general.

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.

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

The objective of this project has been to develop a standard clause to limit contractually the excesses of marine risk assessments in the dry cargo sector and discourage the continued use of ill-conceived market provisions such as “the Vessel shall be Rightship approved throughout the charter period... Please follow the link to continue reading.