IBIA to Participate in BIMCO's Standard Bunker Contract Review in Wake of Res Cogitans Ruling

IBIA says Henrik Zederkof will represent the organisation at BIMCO's subcommittee for the review of "BIMCO Terms 2015."

The International Bunker Industry Association (IBIA) Thursday announced that Henrik Zederkof, CEO of A/S Dan-Bunkering Ltd. (Dan-Bunkering) and IBIA board member, will represent the organisation at BIMCO's subcommittee for the review of "BIMCO Terms 2015" – the latest version of the BIMCO Standard Bunker Contract.

The subcommittee's review is said to be intended to improve the terms and conditions of the contract as a result of the fall out from OW Bunker's bankruptcy.

As Ship & Bunker reported in May, following the final decision in the so-called "Res Cogitans" OW Bunker UK test case, in which the UK Supreme Court found in favour of ING Bank / OW Bunker, BIMCO said it would examine if changes to its standard bunker contract were needed.

"For the BIMCO Bunker Contract to become widely used, it needs to be acceptable to both buyers and suppliers, hence it is crucial to have all sides that are affected by the bunker contract represented in the subcommittee, along with qualified legal advisors," explained IBIA.

In addition to Zederkof's participation in the review process, IBIA notes the maritime arbitrator and former IBIA board member and CEO Trevor Harrison will be on stand-by as consultant for the subcommittee, providing his knowledge and previous bunker contract development experience if needed.

Commenting on Zederkof's suitability for representing IBIA at the subcommittee's meetings, IBIA said: "Zederkof joined IBIA's board at the start of April his year. With his first-hand experience of the consequences of the OW Bunker collapse, he is an ideal representative of the bunker supply industry in these negotiations."

"Zederkof will bring a deep understanding of what BIMCO's bunker contract means as it stands, where potential weaknesses are, and some fresh thinking on how to bring balance and fairness to make a success of this important document."

In May, IBIA issued a call for the industry to "think innovatively" to prevent buyers having to pay twice for the same bunkers - a situation that has been highlighted by the OW Bunker collapse.