The Emirates Maritime Arbitration Centre (EMAC) recently hosted BIMCO’s Bunker Terms 2019 seminar. In doing so the Centre says it has helped to ensure stakeholders are aware of the risk management requirements specific to contracts that are tied to the changes in regulations applicable to the IMO’s 2020 sulphur cap.
Presented by Erik Jensby, Head of Membership and Business Development at BIMCO, the objective of the event was to ensure that parties pay attention to terms that work for the purchase and supply of marine fuels to ships when the 0.5% sulphur cap takes effect. The seminar further shed some light on the transition of fuels specific to time charter parties that are in place and will overlap the application date.
“The shipping industry is in need of contractual clarity and standard contracts and clauses to assist in a period of big change for the shipping community,” said Jensby. “We are delighted that EMAC has provided BIMCO with support to make our presentation in Dubai.” BIMCO is the largest of the international shipping associations representing shipowners; its membership controls around 65 percent of the world’s tonnage and it has members in more than 120 countries, including managers, brokers and agents.