• 2020 January 31 12:59

    Industry experts draft new BIMCO S&P agreement

    BIMCO says it is developing its own standard Memorandum of Agreement (MOA) for ship sale and purchase (S&P). The new BIMCO MOA is rapidly taking shape after just three meetings of the expert group, the most recent at the offices of Louis Dreyfus in Paris on 27 January.

    Avoiding the risk of disputes about the interpretation of clauses is one of the key objectives, as work on the S&P agreement progresses. The drafting group has worded the contract as clearly and as unambiguously as possible, and the next step is to invite feedback from the industry on the draft MOA.

    Getting feedback from potential users of the new form is vital to ensure the industry gets a product that matches its needs when buying and selling ships, and plans are underway to hold public consultation events in Copenhagen and Athens in March and then further afield afterwards.

    The group is led by Francis Sarre, chairman of BIMCO’s Documentary Committee:

    “Surprisingly, we don’t have a standard S&P agreement of our own but we think it’s an obvious gap in our document library that we should fill. We want to re-think MOAs and provide a more clearly worded and chronologically structured agreement compared to other forms currently in use,” Sarre says.

    The new MOA will have BIMCO’s “trademark” box layout front sheet summarising all the key contractual information such as ship details, deposit, purchase price, inspection places and dates and delivery notices. The sequence of clauses follows the timing of events in a ship sale and purchase, so the contract is easy to read and follow.

    The drafting team consists of Francis Sarre, CMB (Chairman); Antoine Person, Louis Dreyfus Armateurs; Basil Logothetis, Empros Lines Shipping; Catherine Lessow, Oldendorff; John Varley, Arrow Shipbroking Group; Christoph Bruhn, Bruhn Shipbrokers; Kasper Holm-Hemmingsen, Maersk Broker; Michael Hope, NORTH P&I Club; Matt Hannaford, Hannaford Turner LLP; and Jens Mathiasen, Gorrissen Federspiel. BIMCO support staff are Soren Larsen, Grant Hunter and Anna Wollin.




2020 March 28

15:13 Belov Engenharia Ltda to operate Robert Allan designed DSV for Petrobras
13:42 Valaris received a termination notice for the drilling contract for VALARIS DS-8
12:47 SCHOTTEL wins propulsion contract to equip U.S. Navy vessels
11:31 VT Halter Marine to execrise an option for forth APL(S)
10:53 USCG Cutter Polar Star returns home from Operation Deep Freeze 2020

2020 March 27

18:37 Kim Heng Marine & Oilfield incorporates JV Bridgewater Marine (Taiwan)
18:14 Port of Antwerp Covid-19 Taskforce: supply chains still working
17:52 Oboronlogistics delivers materials and equipment for construction of medical center in Kaliningrad Region
17:29 Exercise involving three frigates of RF Navy’s Black Sea Fleet took place in Mediterranean Sea
17:05 Philippine Ports Authority imposes entry protocol in offices, ports in fight against COVID-19
16:43 Admiralteiskie Verfi launches lead freezing trawler of Project СТ-192 built for Russian Fishery Company
16:21 Arthur Sedov appointed as Managing Director of Rosterminalugol
16:05 Cosco Shipping Ports announces full year results for 2019
15:58 Gazpromneft Ocean marine oils are available in South Korea
15:44 The world's most powerful semi-submersible crane vessel receives the largest LNG bunkering in the Port of Rotterdam
15:27 Navigation on middle Volga and Volga-Baltic Canal to be opened ahead of schedule
15:04 Maritime and Port Authority of Singapore to provide economic relief to passenger vessel owners and operators
14:40 Severnaya Verf lays down fifth processing trawler of Project 170701 ordered by NOREBO Group
14:16 VPower Group is new distributor for Rolls-Royce’s MTU solutions in China
13:55 Russia’s foreign trade cargo to be completely redirected to domestic ports by 2022-2023 - Rosmorrechflot
13:06 Russian bunkering market meets demand for low-sulphur fuel – RF Transport Ministry
12:28 Port of Gdansk is fully operational
11:33 Rosmorport's Arkhangelsk Branch takes measures to prevent COVID-2019 spread
11:09 Diana Shipping announces time charter contract for m/v P. S. Palios with C Transport
10:35 MABUX: Bunker market this morning, Mar 27
10:32 69th navigation season opened in Volga-Don Basin of inland water ways
10:09 Fincantieri extends work stoppage in all its Military and Cruise Vessels production plants and offices from March 30th
09:54 Brent Crude futures price is up 0.68% to $26.52, Light Sweet Crude – up 1.86% to $23.02
09:39 Launching ceremony held for lead shallow-draft dry cargo barge of Project RDB20
09:20 Synergy Group calls for collective action on shipping’s coronavirus crewing crisis
09:11 Baltic Dry Index is down to 569 points

2020 March 26

18:36 MHI-MME first receives MET-MBII turbochargers first order
18:05 DNV GL’s remote surveys surge with 15,000 completed since launch
17:50 IAPH welcomes new member port from Canada
17:36 CMA CGM completes a first transaction relating to the sale of eight port terminals to Terminal Link for USD 815 million in cash
17:16 Höegh LNG announces amendment and restatement of the FSRU Independence debt facility and a new interim LNGC timecharter
17:05 OOCL announces additional withdrawal of Trans-Pacific sailings in April 2020
16:43 RF Government approves Transport Strategy till 2035
16:28 Measures introduced for Nevsky Shipyard staff to prevent spread of Covid -19
16:24 Customised Wärtsilä ship design chosen for two new P&O ships
16:20 MAN Cryo develops liquefied methane terminal in Swedish port city Oxelösund
16:05 COSCO SHIPPING Ports announces FY2019 results
15:37 PDP Institute of Admiral Makarov SUMIS undertakes measures to prevent spread of Covid-19
15:30 APM Terminals issues North America COVID-19 update
15:15 World Maritime University and International Union of Marine Insurance sign Memorandum of Understanding
14:52 North Sea Port takes further action to keep port operational along Ghent and Zealand side
14:13 Delo Group is to consolidate 99.6% of PJSC TransContainer
13:44 Bunker prices continue going down at the Far East ports of Russia (graph)
13:21 Expansion of infrastructure for coal exports via port of Vysotsk approved by Glavgosexpertiza
12:48 Blagoveshchensk shipyard named after October Revolution laid down yet another hydrographic ship of Project 19910
12:10 BC Ferries announces fuel rebate
11:29 Murmansk Commercial Seaport completed construction of wind and dust barriers
11:00 Busan Port cooperates with the government, operators and workers to prevent COVID-19 infection
10:52 Panama Canal adopts measures to guarantee sustained operations amid COVID-19
10:38 Ministry of Transport and Communications of Finland to amend decrees on road ferries, manning of ships and certification of seafarers
10:16 MABUX: Bunker market this morning, Mar 26
10:04 Finnpilot reports on its preparation for COVID-19
09:41 Tallink Grupp Supervisory Board members waive remuneration
09:23 Brent Crude futures price is down 0.62% to $27.22, Light Sweet Crude – down 1.51% to $24.12
09:09 Baltic Dry Index is down to 582 points