Tag: charter party

Mitsui O.S.K. Lines, Ltd. (MOL) has signed a long-term charter contract for a newbuilding LNG carrier, marking its eighth agreement with JERA Co., Inc.

BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility.  

Hunter Group has entered into a three-year back-to-back charter party for an eco-design and scrubber fitted Very Large Crude Carrier (VLCC) built in 2016 (the Vessel), with an internationally renowned counterparty.

In order to enhance wider adoption of just in time (JIT) arrival principles in the bulk sector, BIMCO issued a new clause for voyage charter parties to promote more efficient shipping procedures and as a result, help reduce CO2 emissions.

A new situation has emerged with the COVID-19 pandemic, resulting to uncertainty on trade among others. In this context, INTERTANKO issued a guide to address charterparties on any questions that may arise.  

Following the coronavirus outbreak, Philip Woodroffe Senior Claims Adviser, Lawyer, Arendal gave his insight on Gard, about the impacts of the virus upon the charteparty agreements, identifying several questions that each shipowner may have.

With coronavirus crisis in China spreading ahead, shipping industry must be ready to face a possible infection of crewmembers, considering quarantine and closures, while be prepared for charterparty issues. In light of the situation, Hill Dickinson law firm outlined major issues that shipowners may have to deal with, based on previous outbreaks such as SARS and Ebola.

According to a recent statement, BIMCO is now setting up a sounding board, in order to engage a broad group of stakeholders in the process of drafting a sale and leaseback term sheet, as the market continues to expand. It is said that BIMCO is reacting to the booming ship sale and leaseback market by developing a standard term sheet for use by shipowners; leasing companies and lawyers.

A joint project from BIMCO and the Association of Ship Brokers & Agents to develop a standard gas tanker voyage charter party took a big step forward at a subcommittee meeting on 5-6 September. The target of the project is to develop a standard form for the chartering of tankers for LPG, anhydrous ammonia and chemical gases based on the tanker charter party, ASBATANKVOY.

In this article, Rebecca Penn-Chambers, Syndicate Executive, Eastern Syndicate, provides an overview regarding common issues surrounding notification of off-specification bunker disputes. As Ms. Penn-Chambers says, bunker quality disputes are not a new phenomenon, but there has been an upward trend in the number of disputes.