Showing 11 - 20 of 200
BIMCO has developed a monitoring service for bunker prices, with data provided by MABUX, which is now available to all BIMCO members here .
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples. The bunker samples are analysed by VPS whenever a short-term quality issue is identified in a specific port or region.
A greater focus in the bunker industry on contract wording, risk assessment and “knowing your counterpart” has been a motivator for updating the BIMCO Terms bunker contract, due for release in November 2017.
The latest edition of this clause is the Russian Oil Price Cap Scheme Clause 2024 with an additional attestation for ancillary costs breakdowns. International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a price cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. The clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestation and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers.
As bunker fuel costs have come down from USD 600 per tonne to USD 330 per tonne over the past 6 months, there has been much talk about increased ship speeds. Some single voyage or single company estimates aim at supporting the reintroduction of higher speeds to generate higher revenue and potentially higher earnings. In reality, some of them may actually prove able to deliver on the promise.
BIMCO’s Documentary Committee is expected to adopt a new version of the standard contract Bunker Terms in New York on May 2. The Bunker Terms 2018 have been drafted by representatives from across the bunker industry. It is a balanced set of terms and conditions designed to be fair for both buyers and sellers.
The BIMCO Bunker Terms 2018 is a standard contract for the purchase and supply of marine fuels to ships. The latest edition of this contract is BIMCO Bunkers Terms 2018. Copyright in the BIMCO Bunker Terms 2018 is held by BIMCO.
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.
International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a Price Cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in June 2023 in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. In February 2024, EU/G7 coalition implemented changes to the Price Cap rules. In order to accommodate these new requirements, BIMCO has revised the original 2023 clause accordingly. The new 2024 clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestations, ancillary costs breakdowns and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers. The latest edition of this clause is Russian Oil Price Cap Scheme Clause 2024. Copyright in Russian Oil Price Cap Scheme Clause 2024 is held by BIMCO.
Approved by the Documentary Committee of INTERTANKO.
