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Only nine shipyards, out of 26, on the EU list of approved recycling facilities are realistically open for ship recycling, and only three of the 26 could recycle a large ship (Panamax size or larger), a study commissioned by BIMCO shows.
Work has begun on the revision of BIMCO’s Standard Ship Repair Contract, codenamed REPAIRCON.
BIMCO has developed a new standard term sheet for syndicated ship financing (SHIPTERM S) – the first industry standard of its kind for syndicated loans. The term sheet was approved for publication at BIMCO’s biannual Documentary Committee meeting on May 2 in New York.
The industry’s first ever standard ship conversion contract, CONVERSIONCON, complements BIMCO’s other ship repair and construction contracts. It is available for use on BIMCO SmartCon today.
BIMCO has launched its fourth industry film, calling for the urgent adoption of the Hong Kong International Convention for the safe and Environmentally Sound Recycling of Ships, and for ship owners to only choose yards that live up to the convention.
In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016.
The Hebei Maritime Safety Administration (MSA) in China has recently released a case where the local regulator fined a ship that burned high sulphur content fuel.
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