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BIMCO, the world’s largest shipping association, has adopted a new standard clause to help shipping companies deal with the challenges arising from recent U.S. trade actions.
The clause is aimed at reducing legal confusion and contract disputes caused by the United States Trade Representative’s (USTR) Notice of Actions targeting Chinese-related ships arriving at U.S. ports.
The USTR recently announced plans to impose additional fees on vessels that are either built in China or have Chinese owners or operators. These actions are part of the USTR’s “Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance.”
The upcoming fees are expected to apply not just to Chinese-built vessels or those owned or operated by Chinese companies, but also to any car carrier built outside the U.S.
These changes are likely to raise the cost of seaborne trade to and from the U.S. and increase regulatory pressure on the global shipping industry.
In response, BIMCO quickly formed a subcommittee made up of legal and commercial experts. This group began working on the clause in early June after the USTR’s announcement, making it a top priority. Their goal was to create a clause that would help shipowners and operators deal with the risks and legal uncertainties created by the USTR’s decision.
BIMCO’s Deputy Secretary General and Director of Contracts said the association focused on gathering input from a wide range of experts across the industry in a very short time.
According to her, the USTR’s actions are expected to bring complex problems, and the subcommittee carefully discussed how to prepare a solution that helps the shipping industry avoid disputes.
The Chairperson of BIMCO’s Documentary Committee said many uncertainties still exist about how the USTR’s Notice will be enforced. He added that after the fees are implemented and as the industry gains more experience, BIMCO will continue reviewing the clause to make sure it remains effective and up to the organisation’s high standards.
Reference: BIMCO
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The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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