BIMCO update on contracts and clauses

Chamber of Shipping > Blog > News > BIMCO update on contracts and clauses

BIMCO’s Documentary Committee (DC) recently approved two new clauses and revised versions of existing contracts, aiming to provide enhanced solutions for the shipping industry. One of the new standards, the CII Clause for Voyage Charter Parties, allows vessel owners or masters to adjust course or reduce speed to minimize carbon emission. Another addition, the Ship Sales Further Trading Clause, allows buyers to continue trading a purchased vessel for a specified period. The committee also advanced the revision of WRECKSTAGE 2010, introducing an optional quantitative risk assessment (QRA) method. Similarly, they approved a revised SYNACOMEX, incorporating updated clauses such as anti-corruption, war risk, and sanctions clauses. Additionally, two projects, focusing on Emission Trading Scheme Allowances (ETSA) and Quiet Enjoyment Letters (QELs), were fast-tracked for adoption, addressing industry demands. Lastly, BIMCO is developing an Emission Scheme Surcharge Clause for Voyage Charter Parties, considering the upcoming EU ETS implementation in 2024.

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