BIMCO adopts SHIPMAN 2024

The updated version of SHIPMAN, BIMCO’s widely used ship management agreement, was adopted by the Documentary Committee at its meeting on 22 March in Hamburg after a two-year review process involving shipowners, managers, P&I Clubs, insurance and legal experts.

The agreement, which may include crew, technical and commercial management as well as insurance arrangements in respect of a ship, was last updated in 2009 and the new edition reflects important updates in ship management practices and includes a number of standard clauses, reducing the need for users to add rider clauses in the agreement.

“We have taken great care to ensure that the comprehensive, yet simple and straighforward, nature of SHIPMAN – which has for decades made it the go-to industry standard contract for ship management – is maintained,” says Ajay Hazari of Anglo-Eastern Ship Management who led the drafting team revising the form.

Amongst the issues addressed in SHIPMAN 2024 are requirements relating to emission trading schemes, sanctions, cyber security and anti-corruption. The agreement now also reflects managers’ right to use of affiliates, predelivery costs and fees, and addresses access to and ownership of vessel data – an area which is becoming increasingly important given the key role of data in the shipping industry’s decarbonisation efforts.

“SHIPMAN 2024 reflects geopolitical developments, international regulatory aspects and much-needed updates in the day-to-day ship management operations entrusted by owners to managers”, adds Hazari.

In addition to Capt. Hazari, the drafting team consists of the following shipowners and ship managers as well as insurance and legal experts: Johan Botes (Oldendorff Carriers), Steve Davies (Anglo International Shipping Operations), Torfin Eide (Hansa Tankers), Capt. Gaurav Rajora (Fleet Management), Graham Prayel and Dora Costa (V Ships), Manolis Nicolaou (Columbia Shipmanagement), Sebastian Hardenberg (BSM), Tim Howse (Gard P&I Club), Tim Davies (West P&I Club), Robert Hodge (ITIC) and Stephen Mackin (Clyde & Co.).

At the meeting in Hamburg, the Documentary Committee also endorsed the development of a standard template for mandating compliance with the EU Emission Trading System obligations under Commission Regulation (EU) 2023/2599. The template is in the making and expected to be fast-tracked for adoption in April.

SHIPMAN 2024 is being prepared for publication accompanied by explanatory notes and is expected to be available for use before the end of April. Following the publication of the new edition of SHIPMAN, work will commence in the coming months to revise BIMCO’s standard crew management agreements, CREWMAN A and B.

Source: BIMCO