Draft term sheet ready for second round of consultations

Draft term sheet ready for second round of consultations

Overview

BIMCO's ship financing term sheet is now ready for a second round of consultations following a two-day meeting in Copenhagen. 

The team of bankers, lawyers and commercial specialists developing a standard term sheet for use in bilateral ship financing transactions has agreed on a revised draft which will be reviewed by a stakeholder sounding board established earlier this year.

The subcommittee developing a standard term sheet for use in bilateral ship financing transactions has agreed on a revised draft term sheet at its meeting in Copenhagen on 28-29 September. The draft will be shared in the coming days with the sounding board established earlier this year to enable a broader group of stakeholders to comment on the draft.

The draft term sheet will be presented to the Documentary Committee for possible adoption at its next meeting on 17 November in Copenhagen, depending on the feedback received by the sounding board in the second round of consultations. The sounding board counts 45 shipping company, bank, lawyer and other representatives. Many of these provided comments when a first version of the draft was shared with the sounding board in April this year and the revised draft is the result of the subcommittee’s considerations of these comments.

Parties interested in joining the sounding board, and who have not already done so, can contact BIMCO in order to receive the revised draft term sheet. In view of the upcoming Documentary Committee meeting, the deadline for comments to the revised draft will be 14 October.


Video: Term Sheet Project Chairman, Francis Sarre, discusses the term sheet
Grant Hunter
in London,

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