BIMCO to review their current standard bunker contract
BIMCO has assembled a team of industry experts to review their current standard bunker contract, the BIMCO Terms 2015. The team will receive legal and P&I input from Clyde & Co and the North of England P&I Club, respectively. Furthermore, the initiative is supported by the International Bunker Industry Association (IBIA), J. Lauritzen said in its press release.
BIMCO Terms 2015 are increasingly accepted by suppliers and traders around the world as a fair and balanced set of terms and conditions for purchasing and delivering marine fuels.
The BIMCO standard contract revision team is headed by Claus Kesting, General Manager Bunker Procurement of J. Lauritzen, who also worked on the 2015 edition.
“The recent collapse of a major bunker supplier has sharply focused the industry’s mind on how essential it is to have a solid contract in place,” Kesting says and adds “encouraging the industry to support and use uniform terms and conditions for bunker sales is the best way to reduce the contractual uncertainty that we currently have”.
“With the backing of major physical suppliers and traders, we can work together to find a global contractual solution acceptable to sellers, suppliers and purchasers, while allowing the market to compete freely”, Kesting emphasises.
The review team will begin their task over summer and the team’s preliminary findings will be presented to BIMCO’s Documentary Committee in November 2016.
About Bimco
The Baltic and International Maritime Council (BIMCO) is the world’s largest international shipping association, with more than 2,200 members globally. J. Lauritzen has been on board as a founding member since the association was established in 1905.
