SHIPTERM is a standardised term sheet intended for use in a bilateral, secured term loan ship financing transaction. The term sheet has been prepared for use in transactions between a single lender and one or more affiliated borrowers. The latest edition of this contract is SHIPTERM, issued in 2017.
Copyright in SHIPTERM is held by BIMCO.
BIMCO is the author of and has copyright in SHIPTERM and has sole worldwide distribution rights. Use of SHIPTERM is free of charge but is subject to acceptance of and compliance with the following conditions:
You are permitted to use Microsoft Word™ copies of SHIPTERM for your own business to business purposes but may not otherwise distribute copies by sale, donation or lending. A Microsoft Word™ copy of SHIPTERM may be obtained by contacting contracts@bimco.org.
The master copy of the SHIPTERM form you use must be obtained from and authenticated by BIMCO.
You may delete and/or amend the original wording of SHIPTERM and/or add new wording provided that such changes are clearly marked to distinguish them from the original printed text.
You are not permitted to produce any new term sheet derived from SHIPTERM.
You may add your own corporate branding to SHIPTERM but you may not remove or amend the BIMCO logo.
We reserve the right, at our sole discretion, to modify or replace these Conditions of Use at any time. We will try to provide at least 30 days' notice prior to any new or modified Conditions of Use taking effect. Notice will be posted on BIMCO’s website at www.bimco.org.
By using SHIPTERM you agree to be bound by these Conditions of Use. If you disagree with any part of the Conditions of Use you may not use SHIPTERM.
Sample copy of SHIPTERM
Download now
A panel of four representatives of the subcommittee that developed the term sheet for bilateral ship financing transactions introduce the term sheet, its background and content.
The one-stop digital shop for all the standard maritime contracts and clauses you’ll ever need.
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility.
BIMCO has established a subcommittee to work on a global standard contract for the transport and installation of offshore wind turbines. The project has been launched to support the offshore wind industry as the global demand for more renewable sources of energy increases.
There is a new version of BIMCO SmartCon and it combines the fast, simple and easy approach from the online version, together with the track changes and comments from Word. The editor is online and you don't need to install anything, the only requirement is that you have the latest version of a modern browser like Google Chrome and Microsoft Edge.
Version 6.0, Date: 1 November 2023.
BIMCO's Holiday Calendar covers general holidays in over 150 countries, plus local holidays and working hours in more than 680 ports around the world.
Access information on national, regional or port tariffs, taxes and charges.
For general guidance and information on cargo-related queries.