ICS HK deliberates Shipowners & Shipmanagers experiences with SHIPMAN
In 1988, as a consequence of the growth of the ship management industry, the Documentary Committee of The Baltic and International Maritime Council (BIMCO) began publishing a series of standardized ship management forms known as SHIPMAN, with the most recent iteration being SHIPMAN 2009. But now BIMCO Shipman 2009 or its earlier version 1998 are widely used Shipmanagement Contracts. This has given rise to many peculations and difference of opinions with regards to the neutrality of this contract.
SHIPMAN is a ship management agreement that may include crew, technical and commercial management as well as insurance arrangements in respect of a ship. The latest edition of this contract is SHIPMAN 2009
To comprehend SHIPMAN better, Institute of Charterers Shipbrokers (ICS), Hong Kong Branch organized a webinar – Shipowners and Shipmanagers experiences with SHIPMAN on 22nd July.
“The most recent version incorporates the contemporary practices as well as the changes reflecting the development in case law since the last version,” said Mr Jagmeet Makkar, Chairman, Hong Kong Branch, ICS during his welcome speech. “ICS HK branch brings together the eminent panel who will look at the shipment 2009 and BIMCO Shipmangement contract and it is the most commonly used form, from their practical experience both the ship owner and the ship manager’s perspectives and to suggest changes in future versions,” he added.
BIMCO carries out this very important exercise through its documentary committee and industry consultation process, mentioned Mr Sharad Gupta, Education officer, ICS the moderator of the session. He introduced the star cast of speakers from legal, business and technical backgrounds. To break the ice, he asked the panelist, which version would they prefer?
Ms Catherine Smith, General Counsel and Company Secretary, Wah Kwong Maritime Transport Holdings Limited spoke on legal perspective. Mr Martine Henry, CEO at Tamar Shipmanagement, Hong Kong about technical and Capt Vikas Grewal, Director, Business Development, Fleet Management Ltd spoke on commercial aspects of SHIPMAN. The panelist preferred 2009 version in all aspects. “2009 very well laid out in terms of commercial and also other legal clauses, in particular if there is something that usually becomes a negotiation point or something related to deposits and working capital funds,” said Capt Grewal.
On behalf of the audience, the moderator Mr Gupta asked several questions to the panelist for which, all 3 speakers answered the queries. The speakers did not hesitate to share their knowledge on the subject.
Mr Makkar thanked the speakers for sharing their thoughts and their working experiences with SHIPMAN among the audiences. He assured that ICS will be back with another knowledgeable session in the webinar series.
(Courtesy: Marex Media)