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Sale and leaseback transactions have seen a substantial increase in recent years as an alternative method of ship financing, and BIMCO has adopted a new term sheet which will facilitate the negotiation of sale and leaseback deals and make the process cheaper for parties involved.
The clause provides a standardised framework for charterers and owners to agree on and include in their charter parties. It addresses compliance with the regulation of Russian oil and petroleum products following the EU/G7 measures, which implemented an oil price cap on specific oil products originating from or exported by Russia. BIMCO has developed a comprehensive and adaptable clause that caters to the needs of various industry stakeholders, promoting responsible shipping practices and ensuring compliance with the evolving regulatory landscape.
BIMCO was very satisfied with several developments at the meeting of the Marine Environmental Protection Committee at the International Maritime Organization 22-26 October.
BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) have approved a voyage charter party, ASBAGASVOY, for publication to serve the growing gas tanker industry. Work will now begin to revise ASBATANKVOY, one of the most used tanker charter parties in the world.
At its meeting in Copenhagen on 16 November, BIMCO’s Documentary Committee adopted a revised version of its standard Charter Party Guarantee. The Charter Party Guarantee 2022 is an up-to-date, clearly worded and comprehensive time charterers’ guarantee for all sums payable and liabilities under a time charter party.
BIMCO Secretary General & CEO, Angus Frew, has announced he will step down in the summer of 2020, as he wishes to spend more time in the UK and less time working. The search for his replacement has started.
BIMCO’s chief shipping analyst will be participating at the Container Trade Europe Conference on 18-20 September 2018 in Hamburg.
The third edition of the industry cyber risk management guidelines, Guidelines on Cyber Security Onboard Ships, addresses the requirement to incorporate cyber risks in the ship’s safety management system (SMS). It also reflects a deeper experience with risk assessments of operational technology (OT) - such as navigational systems and engine controls - and provides more guidance for dealing with the cyber risks to the ship arising from parties in the supply chain.
In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.
