BIMCO’s Bunker Terms Get Green Light

Illustration

BIMCO's Bunker Terms Get Green Light

BIMCO’s Standard Bunker Contract 2015 was approved for publication at the organisation’s bi-annual Documentary Committee meeting held in Copenhagen on 7 November, BIMCO said.

The objective of the new BIMCO bunker terms, as explained by the organization, is to provide carefully thought through terms and conditions that are fair to both parties and provide a comprehensive starting point for negotiations.

“Harmonisation will help bring certainty to these negotiations and assist parties to a bunker contract manage their risk and reduce the likelihood of disputes occurring,” BIMCO said.

According to Grant Hunter of BIMCO’s Contracts and Clauses section, “recent events in the bunker industry emphasise more than ever the importance of having a good solid contract in place should anything unfortunate occur”.

“Clearly stating the obligations, responsibilities and liabilities of both parties is fundamental – don’t wait until something goes wrong before discovering that the contract you have agreed is lacking in some important element. The BIMCO terms provide a solid starting point for bunker negotiations and the more people that use them the smoother the process will be,” he said.

The new standard terms and conditions for bunker purchases are expected to be published by BIMCO with accompanying explanatory notes by the end of the year.

Press Release; Image: Socomet

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >