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Bimco working on bunker contract review with suppliers, owners

Bimco working on bunker contract review with suppliers, owners
Bimco is working with top bunker suppliers and other industry stakeholders to review its bunker standard bunker contract to avoid the issues of double payment that have arisen following the collapse of OW Bunker.

Joining the review are three major bunker suppliers, including Dan Bunkering and World Fuel Services, shipowners Norden and J Lauritzen, law firm Clyde & Co, the North of England P&I Club and a representative of the International Bunker Industry Association (IBIA).

Bimco noted that the collapse of OW Bunker had created contractual uncertainty and with some using one-sided and highly protective contracts as a solution.

“We have been monitoring the fallout from the OW Bunker collapse and talking to industry players about possible commercial solutions to the various issues,” said Grant Hunter, Bimco’s chief officer for legal and contractual affairs

“What’s important is that we involve all key stakeholders in this process, which is why we are very pleased that three of the top physical suppliers and traders have agreed to participate in this project.”

The review team will begin work in summer and preliminary findings will be presented to Bimco documentary committee in November.