Over 1,600 bunker suppliers, traders and purchasers attended the 18th Singapore Bunker Conference (SIBCON) between 14 and 17 October. BIMCO was there to host a panel discussion on the practicalities of buying bunkers and to announce a new set of standard terms and conditions for bunker purchases. The new contract, called the BIMCO Standard Bunker Contract (SBC), is an easily understood “boilerplate” agreement that is comprehensively worded to reflect current commercial practice and is, more importantly, fair to both parties. Parties can use the BIMCO terms and conditions in their unamended form, but may also adapt the contract to suit a specific commercial relationship. The real benefit of the SBC is that it provides the industry with an opportunity to harmonise basic terms and conditions for buying bunkers by relying on one common form.

The Conference learned from shipowners on the discussion panel that the draft Standard Bunker Contract was already being successfully used with a number of suppliers. The feedback from those suppliers has been positive and encouraging and suggests that there is growing support for harmonisation of terms and conditions. The new edition of the Bunker Contract will be submitted to BIMCO’s Documentary Committee on 7 November for approval for publication. If approved it will be published some time in December along with detailed explanatory notes.
Source: BIMCO