Latest updates

How to prepare for new Incoterms
AKD
  • International
  • 31 July 2019

The International Chamber of Commerce is set to launch a new version of the Incoterms rules – the globally used, standardised set of trade terms for the international sale and delivery of goods. Although the new rules will not take effect until 1 January 2020, parties involved in the international sale and delivery of goods should use the impending introduction of the new rules as an opportunity to review their existing contracts and standard delivery terms and determine whether they are being used correctly.

The bunker balance – owners consider liquefied natural gas in advance of 2020
Wikborg Rein
  • International
  • 17 July 2019

Using liquefied natural gas (LNG) rather than fuel oil is one of a range of options available to owners seeking to comply with the International Maritime Organisation's 2020 regulations. Given that shipbrokers have long predicted the emergence of a two-tier shipping market with 'greener' ships commanding a premium over older, less eco-friendly vessels, what is the future for LNG bunkering and what challenges does it present?

Readiness for global sulphur cap – BIMCO's new IMO 2020 clauses
Wikborg Rein
  • International
  • 10 July 2019

Most parties involved in the shipping industry will by now have a clear picture of the requirements under the International Maritime Organisation (IMO) 2020 global sulphur cap on marine fuels. Therefore, attention has turned to the steps that must be taken to put these requirements into practice. Two clauses recently introduced by the Baltic and International Maritime Council aim to address certain contractual aspects of the IMO requirements as they apply to time charterparties.

Manager's letter of undertaking – moving towards more balanced standards?
Wikborg Rein
  • International
  • 03 July 2019

Third-party ship managers are often required to issue letters of undertaking to financiers of a managed vessel on relatively unfavourable and financier-friendly terms. The Baltic and International Maritime Council's new standard ship manager's letter of undertaking, which was recently published, seeks to redress the balance and gives ship managers a more equitable set of terms, which may be used as a starting point for negotiations.

Quiet enjoyment letters – benefit to lenders?
Wikborg Rein
  • International
  • 19 June 2019

Quiet enjoyment letters are often used where a ship, rig or other unit being financed is subject to a long-term charterparty to govern the interrelationship between the owner, its financiers and the charterer. They provide the charterer with a right to the undisturbed use and enjoyment of the ship, independent of whether the owner in its capacity as borrower is in default of its obligations towards its lender under the loan agreement. But do quiet enjoyment letters have any benefit for lenders?

Ship and rig recycling: frequently asked questions
Wikborg Rein
  • International
  • 20 February 2019

International conventions and local regulations combine to create a complex legal regime, which is often overlooked. The sale of a ship or rig to an intermediate buyer, which then sells the asset on to a shipbreaking facility, will not necessarily insulate the original owner from future liability or reputational damage. This article addresses a number of frequently asked questions which owners and other parties involved in transboundary movements of marine assets for recycling may find helpful.

Baltic and International Maritime Council adopts clauses to reduce sulphur emissions
Kincaid | Mendes Vianna Advogados
  • International
  • 06 February 2019

The Baltic and International Maritime Council recently published two new clauses which require time charterparties to reduce sulphur emissions. The clauses regulate the effects of Annex VI of the International Convention for the Prevention of Pollution from Ships, which stipulates that, from 1 January 2020, vessels will be able to consume only fuel with a sulphur content less than or equal to 0.5%.

Cape Town Agreement 2012: milestone for improving fishing vessel safety and loss prevention
Bowmans
  • International
  • 10 October 2018

Fishing remains one of the most dangerous occupations in the world. According to International Labour Organisation statistics, at least 24,000 people die and 24 million are injured each year on commercial fishing vessels. The International Union of Maritime Insurers 2018 Conference, which was recently held in Cape Town, provided a platform for discussing some of the issues and challenges currently facing the international marine insurance market.

Colloquium on international recognition of judicial sales
Fenech & Fenech Advocates
  • International
  • 28 March 2018

The Comite Maritime International (CMI) has been aware that there are challenges relating to the international recognition of judicial sales of ships. As such, the CMI approached the United Nations Committee on Trade Law in order to encourage it to embark on future work on cross-border issues relating to judicial sales. The committee, on its part, encouraged the CMI to hold a colloquium to provide additional information to the commission. This colloquium was recently held in Malta.

Progressive title transfer versus refund guarantees
Wikborg Rein
  • International
  • 24 January 2018

Irrespective of how the construction of a vessel is financed, the shipyard and its financiers will require that the buyer pays a percentage of the contract price before delivery. This pre-payment may be lost to the buyer if proper security is not put in place. The provision of refund guarantees is the most common way in which this is achieved, but progressive title transfer may in some cases be an alternative method for securing the buyer's position.

Protection under letters of indemnity
  • International
  • 17 January 2018

The commercial practice of delivering cargo to a recipient against a charterers' letter of indemnity without the production of bills of lading has long been commonplace in the shipping industry. The split of the delivery process into two stages can cause issues for owners that rely on the standard letter of indemnity wording, which refers only to the delivery of cargo and not its discharge. Given this risk, it is sensible for shipowners to ensure that discharge is explicitly covered in any letters of indemnity issued in their favour.

Barecon 2017 – broad-brush revision of widely used form
Wikborg Rein
  • International
  • 10 January 2018

The Baltic and International Maritime Council recently released Barecon 2017, which represents an important update of one of the most commonly used maritime contracts. While several new features have been included, the basic structure of the form remains the same. However, several of the simplifications, clarifications and other updates should make the form easier to use in conjunction with rider clauses crafted for a specific transaction.

Supplytime 2017 – modernising an industry standard
  • International
  • 09 August 2017

The Baltic and International Maritime Council recently launched a revised version of its standard time charter party for offshore support vessels – the Supplytime. Considering the form's broad application in practice, the 2017 edition's amendments and new features are likely to have a significant impact on issues facing owners and charterers.

New realities for LNG time charters
Wikborg Rein
  • International
  • 02 August 2017

Keeping pace with the changing nature of the liquefied natural gas (LNG) sector, the traditional long-term LNG time charter market is evolving and charter periods are becoming shorter. The fixing of LNG carriers on shorter-term and more flexible contracts is a sign that the LNG industry is becoming much less rigid. It has resulted in owners and banks having to adjust their traditional approach to LNG ship financing and agreeing to more market exposure.

Legal status of ship recycling
  • International
  • 05 July 2017

When a ship has reached the end of its life, the owners are faced with the decision of how to dispose of it in a manner that is both commercially viable and environmentally sustainable. The controversial practice of beaching vessels in less-developed countries has prompted initiatives to tighten regulations on the recycling of ships.

Getting ready for recovery
  • International
  • 28 June 2017

It has been a brutal few years in the shipping and offshore markets with overcapacity, declining demand and the dramatic fall in oil prices all contributing to historically low charter rates and plummeting asset values. While in recent years owners have been battening down the hatches in a bid to survive, consideration is now being given as to how and when to act in order to seize the opportunities that may present themselves during recovery.

Bills of lading: nature and functions
  • International
  • 14 June 2017

A 'bill of lading' may be defined as a receipt for the goods delivered to and received by a ship. The holder of a bill of lading is entitled against the shipper to have the goods delivered to it and is thus in the same commercial position as if the goods were in its physical possession, subject to the fact that it runs the risk of non-delivery of the goods by the shipowner and may be obliged to discharge the shipowner's lien for freight.

Entry into force of ballast water convention
Wikborg Rein
  • International
  • 25 January 2017

The International Convention for the Control and Management of Ships' Ballast Water and Sediments recently achieved the required number of signatories and will thus enter into force in September 2017. The convention is expected to have a significant impact on ships engaged in international trade, requiring them to manage their ballast water and sediments to certain minimum standards and install onboard ballast water management systems.

Major revision of New York Produce Exchange form
Wikborg Rein
  • International
  • 09 November 2016

In 2015 the Association of Ship Brokers and Agents, the Baltic and International Maritime Council and the Singapore Maritime Foundation published a revision of the 2015 New York Produce Exchange (NYPE) form – 27 years after the 1993 revision was issued. NYPE 2015 is more extensive than its predecessors and provides far greater standardisation of commonly used clauses.

Bareboat charters: charterers' maintenance and redelivery obligations
  • International
  • 26 October 2016

Difficult market conditions motivate cost savings wherever possible, which includes expenditure relating to the general maintenance of vessels. Following an increase in disputes concerning the condition of vessels at the time of redelivery under a bareboat charter, questions have arisen as to the charterers' duty of maintenance and what can be done to avoid disputes.

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