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A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.
BIMCO’s Board of Directors has pointed to Nick Fell, Executive Vice President Corporate Services & General Counsel at BW Group in Singapore, to take up the role as chairperson of BIMCO’s Documentary Committee in summer 2021.
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.
The BIMCO Liquid Cargo database is intended for use by for shore-side staff and to some extent for newcomers on board tankers and should only be used as a reference tool providing brief information regarding the approximately 310 commonly transported liquid cargoes including Vinyl E thyl Ether .
BIMCO is setting up a sounding board with the aim to engage a broad group of stakeholders in the process of drafting a sale and leaseback term sheet, as the sale and leaseback market continues to expand.
The 10th session of the IMO Sub-Committee on Pollution Prevention & Response from 24 to 28 April discussed biofouling management, reducing the risk of environmental damage from plastic pellet losses, Black Carbon’s impact on the Arctic and the use of Electronic Bunker Delivery Notes (e-BDN) amongst other topics.