Ahead with new voyage charter clause
MARITIME SERVICE: Ship owners and operators contemplating slow steaming their vessels under voyage charter parties are aware of the need for a special provision in their charters to deal with the legal aspects of implementing such a regime.
To meet this demand BIMCO has developed and published a standard Slow Steaming Clause for Voyage Charter Parties to complement the time charter version published in December 2011.
The objective of the Voyage Charter Clause is to provide owners with an entitlement to slow steam their vessel within parameters agreed with the charterers. Provided the owners operate within the agreed parameters the charterers are obliged to indemnify them against claims from third parties, such as bill of lading holders, arising out of delays.
The Clause is suitable for use in the liner, tanker and dry bulk trades. A Special Circular (No. 5, 31 July 2012) has been issued providing a short explanatory note as well as a copy of the Clause. This can be downloaded from the links below. Copies of the Clause may be freely downloaded from the Clauses section of the website and by IDEA users from the Clause Manager.
Source: BIMCO
