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.
BIMCO has published a charter party clause promoting the use of the IMO’s data model framework. The publication is an extension of BIMCO’s strategic objective to encourage greater efficiency and harmonisation in the ship-shore interface.
As the shipping sector strives for efficiency, BIMCO has provided input at the International Maritime Organisation (IMO) in a bid to facilitate the harmonisation of data ahead of the April 2019 deadline when new mandatory requirements come into force for automated ship reporting.