Often charter parties allocate risks in a way that creates a conflict between economic and environmental efficiency. To address this issue, STM and BIMCO were working to encourage the exchange of information under the STM concept while also permitting parties to agree on a contractual arrangement.
The work lasted more than a year and the result was announced at the meeting of the Documentary Committee of BIMCO November 13. This was a new STM clause with appropriate Explanatory Notes, which is available for incorporation in BIMCO standard contracts.
The Sea Traffic Management Clause for Voyage Charter Parties enables a contractual arrangement on implementation of STM and helps charter parties agree on how to split benefits coming from better speed when port calls are better synchronized.
Grant Hunter, Head of Contracts & Clauses at BIMCO, stated on this matter:
The environmental aspects of shipping become more and more relevant for the actors in the industry. This will affect the operational mindset of us all. The IMO climate goal is helping to push us in that direction. The new STM clause can assist actors becoming more climate friendly through optimized arrivals