BIMCO-SPEC

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.