BIMCO has terminated its agreement with ShipNEXT that allowed the use of BIMCO contracts on its trading platform and expelled the company from its membership after it repeatedly and falsely claimed that BIMCO supported its trading platform.
The firm action follows repeated warnings by BIMCO which were ignored by ShipNEXT. The company has on a number of occasions claimed in marketing material that its trading platform is supported by BIMCO, claims which could compromise BIMCO’s market neutral position, according to BIMCO’s Secretary General and CEO, Angus Frew.
“The claims are a blatant abuse of the licensing and membership agreement that we have with ShipNEXT and is, in our view, a deliberate policy to mislead ShipNEXT’s customers. It compromises BIMCO’s position as a neutral and commercially independent association and is totally unacceptable behaviour,” Angus Frew says.
BIMCO has never supported nor endorsed the ShipNEXT system, and no longer has any formal licensing agreement with the company. The use of BIMCO standard contracts on this system is no longer permitted.
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