Emirates Maritime Arbitration Centre hosts BIMCO Bunker Terms Seminar
The Emirates Maritime Arbitration Centre (EMAC) has continued to engage with various firms to provide a platform that brings attention to trending regulatory and law related discussions specific to maritime.
In hosting ‘BIMCO’s Bunker Terms 2019’ seminar, the Centre has once again ensured that stakeholders learn more about risk management specific to contracts that are tied to the changes in regulations applicable to the IMO’s 2020 Sulphur Cap.
In an announcement followed by the IMO’s regulation capping the global fuel sulphur limit at 0.50% being enforced from 1st January, 2020, the bunker fuel supply and availability landscape will undoubtedly change and as a result impact the shipping industry.
Presented by Mr. Erik Jensby, Head of Membership and Business Development at BIMCO, the objective was to ensure that parties pay attention to terms that work for the purchase and supply of marine fuels to ships when the 0.5% Sulphur Cap takes effect. The seminar further shed some light on the transition of fuels specific to Time Charter Parties that are in place and will overlap the Sulphur Cap application date.
“EMAC is well tuned into maritime and the overall focus on environmental sustainability. Hosting BIMCO for a seminar on a very relevant matter, is yet another way that EMAC is able to add value to maritime stakeholders in the region who may seek alternative dispute resolution support in future,” said Mr. Majid Obaid bin Bashir, Acting Chairman and Secretary General, EMAC.
“The shipping industry is in need of contractual clarity and standard contracts and clauses to assist in a period of big change for the shipping community,” said Mr. Erik Jensby of BIMCO. ”We are delighted that EMAC has provided BIMCO with support to make our presentation in Dubai.”
BIMCO is the largest of the international shipping associations representing shipowners; its membership controls around 65 percent of the world’s tonnage and it has members in more than 120 countries, including managers, brokers and agents.