Background

Around 90% of global trade by volume is transported by sea. Shipping is crucial for global trade plus the wider blue economy and international regulations are vital for the smooth, operation of the shipping industry, which works globally across borders and different regions.

International conventions govern maritime transport, including safety and security, environment protection, liability and compensation as well as standards of training and watchkeeping.  Their effective application depends on swift and broad ratification and uniform implementation by states.

The lack of regulation at international level creates a risk of unilateral regulations. Unilateral regulations may also be initiated as a result of lack of ratifications. A global framework is key to avoiding regulatory uncertainty.

BIMCO complements the global regulatory regime developed eg by the International Maritime Organization (IMO) by creating standard contracts and clauses addressing the commercial implications of such regime to charter parties and other shipping contracts in a fair and balanced manner.  

BIMCO’s position statement

• BIMCO strongly supports the efforts of the International Maritime Organization (IMO) to harmonise international regulations that form the bedrock of international shipping and help to retain a level playing field.
• Once an international convention has been adopted, BIMCO encourages swift ratification and after entering into force, supports active and uniform enforcement by states. All national and regional initiatives that foster inconsistent application of international standards and regulations are opposed by BIMCO.
• In BIMCO’s view, the regulatory framework for shipping has to be transparent, proportional, internationally agreed and non-discriminatory. BIMCO supports a uniform and consistent implementation by flag and coastal states with fair and realistic notice periods to ensure a level playing field for all stakeholders engaged in transportation by sea.
• BIMCO will work towards making regulations workable and realistic, by supporting measures such as proper impact assessments eg to determine if the necessary technology is available prior to the adoption of a new regulation.
•  BIMCO will continue to make every effort to reduce the administrative burden in connection with proposals to develop new regulations and amendments to existing regulations.
• BIMCO will continue to support the international regulatory regime by addressing the commercial implications of such regime in its standard contracts and clauses.
• BIMCO supports the principle of freedom of contract that enables parties to strike a commercial agreement in deciding for themselves what obligations and responsibilities they will accept in the terms of their agreement.