Latest news about BIMCO's contracts and clauses: New novation agreements; update on revision of SUPPLYTIME, BARECON and WORLDFOOD charter parties; update on Standard Term Sheet.
BIMCO Paramount Clause General 1997 The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at Brussels on 25 August 1924 ("the Hague Rules") as amended by the Protocol signed at Brussels on 23 February 1968 ("the Hague-Visby Rules") and as enacted... Please follow the link to continue reading.
The Law and Arbitration Clause 2020 replaces the Dispute Resolution Clause 2017. There are versions available for four named arbitration venues – London, New York, Singapore and Hong Kong. The mediation provision found in earlier versions of this clause has been removed and made into a free standing... Please follow the link to continue reading.
BIMCO’s Documentary Committee (DC) will have a busy agenda when they meet on 5 December. The DC will consider for approval new sanctions clauses for time and voyage charter parties. They will also review progress on a new edition of GENCON and be asked to provide feedback on other projects ranging f... Please follow the link to continue reading.
Though the spot markets for both crude and product tankers have suffered reductions during 2023, and crude tankers especially have seen significant volatility, both markets have remained attractive. Time charter rates have remained near the highs of 2022 and second-hand ship prices have continued to... Please follow the link to continue reading.
In the wake of the events of 11 September 2001 the U.S. has been imposing on the shipping industry new security regulations and measures, which have caused increased expenses and delays to vessels calling in the U.S. In an effort to protect owners against the consequences of these new security measu... Please follow the link to continue reading.
BIMCO Seaworthy Trim Clause Charterers shall leave the Vessel in seaworthy trim and with cargo on board safely stowed to Master's satisfaction between loading berths/ports and between discharging berths/ports, respectively; any expenses resulting therefrom shall be for Charterers' account and any ti... Please follow the link to continue reading.
BIMCO Delivery and Re-delivery Surveys Clause At first and last ports, the parties shall each appoint a representative (Surveyor, Master or Superintendent) for the purpose of determining and agreeing in writing the condition of the Vessel at the times of delivery and re-delivery. Time actually lost ... Please follow the link to continue reading.
BIMCO's Shipping Analyst looks at the shipping number of the week. This week: container volumes
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