Trading and regulatory conditions for shipping are far from constant these years. In a market adopting to these changes, timely contractual solutions are in high demand, requiring the BIMCO Documentary Committee to meet more frequently to review and approve new standards.
The next meeting is 8 October.
The latest example is the BIMCO USTR Clause for Time Charter Parties approved by the committee a few months ago, after an expert subcommittee had worked intensively on a draft over a short period of time.
In the coming meeting, which will be held online, we will advance a broad portfolio of projects for the maritime and offshore & renewables sectors. Biofuels is one of the topics up for discussion, responding to market requests for a standard clause. Arriving at a time where carbon capture is more widely discussed, CO2TIME, a charter party for the carriage of CO₂ is ready for review. Standard terms for methanol fuels is one of the more matured projects and will be put before the committee for approval.
Projects on the DC’s agenda:
- Methanol Bunker Annex: Ready for adoption, this annex will future-proof bunker terms for methanol as a marine fuel.
- Biofuel Clause for Time Charter Parties: The DC will review a new clause to support the safe and flexible use of biofuels, ensuring clarity and contractual certainty between owners and charterers.
- FuelEU Maritime & ETS Clauses for MoAs: These clauses address compliance and risk allocation under ETS schemes and the FuelEU Maritime Regulation for S&P agreements.
- CO2TIME Charter Party: A new contract for the carriage of liquefied CO₂, designed to reflect operational realities and regulatory requirements in this emerging sector.
- ETS Clause for BARECON: Drafting a balanced clause for ETS compliance in bareboat charters, with flexibility for owners and charterers.
Written report project highlights:
- WRECKHIRE: The subcommittee is refining key clauses and developing a standard letter of security to streamline negotiations in marine salvage contracts.
- HEAVYLIFTVOY: Work is underway to modernise loading and discharge provisions and update the bill of lading for heavy lift shipping.
- WINDSEACON: The subcommittee is developing a hybrid contract combining for transport and installation of WTGs.
- SUPERMAN: The revision of BIMCO’s vessel construction supervision contract is progressing, aligning with recent updates in ship management agreements.
- Retrofitting Cost/Benefit Sharing Clause: A new clause is being drafted to allocate costs, risks, and benefits of energy-saving retrofits between owners and charterers.
- SALEFORM: Targeted updates are being made to the Norwegian SALEFORM, focusing on payment, sanctions, and regulatory compliance.
- RECYCLECON: The contract for ship recycling is being revised to enhance flexibility and address reputational and regulatory risks.
The DC will also discuss future project priorities.
