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Explanatory notes

Background to revision The original Radioactivity Risk Clause for Time Charter Parties was drafted in response to the leaking of radioactivity from the Fukushima Nuclear Plant following the earthquake and tsunami that struck the north-east coast of Japan in March 2011. During the past year BIMCO has... Please follow the link to continue reading.

Explanatory notes

Background A declaration of General Average (GA) often leads to time being spent and costs incurred obtaining GA security from individual cargo interests and their insurers. The  purpose of the Average Bond Clause is, as far as possible, to minimise the time it takes to obtain such security and redu... Please follow the link to continue reading.

Supply/demand balance

Despite weaker cargo volumes during the first half for both the crude and product tanker markets, we forecast a recovery during the second half and that both markets on average will see a stronger 2024 than 2023. Muted fleet and supply growth in both markets during 2024 is a key enabler for the re... Please follow the link to continue reading.

BIMCO force majeure clause under way

With an increasing focus on force majeure due to the COVID-19 outbreak, BIMCO has gathered a drafting team to develop a free-standing force majeure clause for use in a variety of contracts.

SHIPMAN revision well underway

BIMCO is revising its popular suite of ship management and related third-party management agreements. SHIPMAN is the first to be revised.