BIMCO
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Maritime charterparty standard contracts.
Definition
BIMCO publishes ~100 maritime contracts (NYPE 2015, GENCON 2022, BARECON 2017, SHELLTIME 4) and ~300 clauses (Sanctions, BIMCO War Risk, GBPC Bunker Quality, Cyber Security 2019). Used by 65% of world tonnage. BIMCO IDEA platform for charter digitalisation.
Origin
BIMCO founded 1905 in Copenhagen ; GENCON 1922 remains the most-used contract.
Example in context
A dry bulk charterer signs a BIMCO GENCON 2022 for 75000 tons of Brazil-China iron ore ; mandatory Sanctions 2020 clause.
Related terms
- ICC Carriage — commercial framework.