BARECON 2017

New features of this publication include an option for the charterers to extend the charter period; tighter notice requirements on delivery and redelivery; and a suggested formula to help calculate charterers’ contribution for mandatory modifications and new equipment required during the charter period. In May 2017, the UK Supreme Court gave judgment in the ‘Ocean Victory’. Among the issues dealt with by the Supreme Court was the impact of BARECON’s insurance provisions on the right to claim against third parties. Although the case is of greater significance to insurers than bareboat owners and charterers, this publication explains how BARECON’s insurance provisions are intended to work in this context.

BARECON 2017 – Standard Bareboat Charter Party

Explanatory Notes

BIMCO

BIMCO is the world’s largest direct-membership organisation for shipowners, charterers, shipbrokers and agents. In total, around 60% of the world’s merchant fleet is a BIMCO member, measured by tonnage (weight of the unloaded ships).

The organisation has NGO status and is based in Copenhagen, Denmark, with offices in Athens, Singapore and Shanghai.

With around 1,900 member companies across 120 countries, from the largest shipowners in the world to small local port agents and law firms, BIMCO represents a wide range of maritime companies and organisations.

BIMCO’s goal is to secure a level playing field for the global shipping industry. BIMCO therefore works to promote and secure global standards and regulations for the maritime sector. The organisation’s century long effort into creating standard contracts and clauses is an expression of that aim.