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New regulations on the carbon intensity of international shipping will come into force on 1 January 2023. The complex CII regulations are expected to significantly impact the future operation of ships. Shipowners and charterers must embrace new ways of cooperation, and new clauses for charter parties will be needed to help owners and charterers succeed.
Voyage Charters Masterclass Online is a series of 10 sessions each lasting 60 minutes. This course highlights key VC issues, presents ways for parties to allocate risks and gives an overview of the relevant legal principles.
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.
The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
An increasing number of ships that use alternative fuels are entering the market in response to the industry’s drive towards reducing CO 2 emissions. The most common alternative fuel at present is Liquefied Natural Gas (LNG) which is used in an increasing number of dual-fuelled ships in operation.
What a difference a year makes! At the end of 2021, container ships were enjoying a historically strong market and freight and time charter rates had yet to peak. At the same time, dry bulk ships were seeing multi-year high rates slipping away, although still enjoying better returns than in previous years. However, tanker ships were seemingly still stuck in a COVID market rut without any immediate hopes for a strong comeback.
BIMCO has developed a generic Flighted Spongy Moth Complex Clause for Time Charter Parties that provides a commercial solution focussing on the basic obligations and responsibilities of the owners and the charterers. This clause was renamed from Asian Gypsy Moth Clause for Time Charter Parties in March 2023 Not all countries have introduced the new name yet, but BIMCO has decided to standardise on Flighted Spongy Moth Complex, abbreviated to FSMC.
