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Bimco's Standard Terms Set Maximum Limit on Parties' Liability
A revised bunker contract published by shiponwers' organisation Bimco has been approved by its documentary committee.
The key change from previous standard terms is the introduction of a default limit set at the value of the invoice or $500,000, whichever is higher.
The process of devising the new contract, called Bimco Bunker Terms 2018, included bunker trader input and the signed off document has the support of bunker industry body International Bunker Industry Association.
"With a widely used standard contract, all parties involved should save time on drafting contracts and get greater clarity on the contractual obligations and liabilities in the contract," said Bimco documentary committee chair Francis Sarre.
"This will hopefully bring more transparency to the bunker industry," he added.
The new contract was approved by Bimco's 60-strong documentary committee in New York on May 2.
Previous versions of Bimco bunker contracts, such as fuelcon, failed to make much of an impression in the market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 0.00 | 665.50 | 1.00 |
| Rotterdam | 512.00 | 3.00 | 663.00 | 0.50 |
| Houston | 545.50 | 3.00 | 666.00 | 9.50 |
| Fujairah | 560.50 | 0.00 | 743.50 | 1.50 |
| Global 20 Ports Average | 584.00 | 1.00 | 751.50 | 2.00 |
| Global 4 Ports Average | 547.50 | 0.00 | 684.50 | 2.50 |
| Global Average Bunker Price | 633.50 | 0.50 | 805.50 | 0.00 |
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