World News
BIMCO's New Standard Bunker Contract Now Available to the Industry
BIMCO has announced its new standard bunker contract, the BIMCO Terms 2015, is now available to the industry.
Sample copies are available to download free of charge from the Chartering/Documents section of the BIMCO website at www.bimco.org.
"The objective of the BIMCO Terms 2015 is quite simple - to provide the industry with carefully thought through terms and conditions for the purchase and delivery of marine fuels that are fair to both parties and provide a comprehensive starting point for negotiations," said BIMCO.
"Harmonisation will help bring certainty to these negotiations and assist parties to a bunker contract to manage their risk and reduce the likelihood of disputes occurring."
Speaking at Singapore's SIBCON event in October, Grant Hunter, BIMCO's chief officer for legal and contractual affairs, said that a key reason previous attempts at such a contract had failed was that they were not balanced for both buyers and sellers.
"What we've produced here is something we believe is fair and balanced for both parties," he said of the new contract.
BIMCO's Documentary Committee adopted the Standard Bunker Contract in November having worked on the project during 2014.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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