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December 2019 IMO publishes a Corrigenda to the IMDG Code (Amendment 39-18)
With sanctions imposed on Russian interests by the EU, UK, US and others, it is crucial that shipowners and operators check their counterparts and contracts immediately. The situation is currently changing rapidly, and more sanctions announcements could be on the way.
This short guide highlights some of the key issues that may affect the obligations and rights of contracting parties following developments in the Russo-Ukrainian conflict, with a focus on BIMCO clauses. In all circumstances, parties should carefully review their contractual terms for current and future fixtures and, if in any doubt, seek legal advice before acting.
The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It replaces the Sanctions Clause for Time Charter Parties 2010 and the Designated Entities Clause for Charter Parties 2013 (which have been combined to make a new single clause for ease of incorporation).
This short guide highlights some of the key issues that may affect the obligations and rights of contracting parties following developments in the Russo-Ukrainian conflict, with a focus on BIMCO clauses. In all circumstances, parties should carefully review their contractual terms for current and future fixtures and, if in any doubt, seek legal advice before acting.
With sanctions imposed on Russian interests by the EU, UK, US and others, it is crucial that shipowners and operators check their counterparts and contracts immediately. The situation is currently changing rapidly, and more sanctions announcements could be on the way.
The International Maritime Dangerous Goods Code (IMDG Code) is pubslished by the International Maritime Organization.
SOLAS Chapter VII part B - Construction and equipment of ships carrying dangerous liquid chemicals in bulk - made the International Code for the Construction and Equipment of Ships Carrying Dangerous Chemicals in Bulk, in short - the IBC code - mandatory for chemical tankers constructed on or after 1 July 1986.
Amendment 39-18 will be incorporated into the International Maritime Dangerous Goods Code (IMDG), 2018 Edition, and come into force on 1 January 2020.
Providing the significant changes under the Amendment 39-18, 2018 edition to the IMDG Code. Note that the IMDG Code, Amendment 39-18, 2018 edition, published by the International Maritime Organization (IMO) is mandatory from 1 January 2020 and applicable for two years until the next edition of the IMDG Code becomes mandatory from 2022.
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