BIMCO Develops Standardised Term Sheet for Bilateral Ship Finance

by Ship & Bunker News Team
Monday June 5, 2017

BIMCO says it has developed a standardised term sheet intended to support bilateral financing for ships - the first time the organisation has generatedd such a document for ship financing, Platts reports.

Francis Sarre, chairman of the BIMCO sub-committee responsible for the term sheet's development, said the organisation also intends to develop another version of the document for syndicates.

"A large volume of global shipping finance is done by syndicates and we are aiming to develop the new term sheet in less than two years," Sarre said.

"The majority of lending is syndicated but small owners prefer bilateral loans."

The news is noted to come at a time when many shipping companies are looking for affordable credit to support fleet expansion and renewal before the implementation of new international regulations on ballast water management and sulfur emissions in bunkers.

As Ship & Bunker reported in May, in light of tightening international regulations on ballast water management and a global 0.50 percent cap on sulfur in bunkers set for 2020, Norway's government-owned Export Credit Norway announced that it will offer financing to international vessel owners who purchase retrofit equipment from Norwegian suppliers.

Ship & Bunker News Team
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