BIMCO Publish Tramp Ship Pooling Agreement

Press Release
Tuesday, October 09, 2012

 BIMCO has released a standard pooling agreement for use by tramp pools operating in dry and liquid bulk trades primarily on a COA or spot basis.

After nearly three years of development work BIMCO has released for publication the industry’s first standard pooling agreement. It is designed to provide users with a comprehensive and clearly worded contractual platform to establish pools that achieve the benefits of efficiency for the pool members and their customers without creating restrictions on trade.

Under POOLCON the pool is operated by a pool manager, with members time chartering in their tonnage to the pool. The provisions of the agreement clearly set out the administrative and procedural requirements for operating the pool while allocating liabilities and obligations as between the members of the pool and the pool managers.

POOLCON is designed to be a generic document that can be used internationally. Issues of competition law have been carefully considered during drafting, but it is essential for potential users to appreciate that assessing whether a pool arrangement is consistent with local competition legislation is dependent on a number of factors such as market share, market concentration, market structure and turnover. These are matters which need to be determined by the prospective parties before entering into an pool agreement as POOLCON cannot itself confer compliance with competition law.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

Olympic Subsea Vessel Bags Contract

Olympic Shipping has secured a contract for Olympic Delta, an inspection, maintenance and repair (IMR) vessel, with an international client  to work on a renewable energy project.

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Legal

Drug Interception at Red Hook Container Terminal

Approximately 121 pounds of heroin and eight pounds of cocaine were discovered in a shipping container of vegetables that was moving from Ecuador to Miami, Fla.

Royal Caribbean's Revenue up 5.6%

Royal Caribbean Cruises Ltd reported a 5.6 percent rise in quarterly revenue, helped by higher passenger ticket revenue and onboard spending, sending the company's

ICS Criticises 'Prestige’ Judgement by Spanish Court

At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement

Bulk Carrier Trends

India's Highest non-coking coal discharge at Gangavaram Port

Gangavaram Port, the deepest and the most modern port in the country, has created yet another historical milestone record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Aging Seaborne Steel Products

In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research.

 
 
Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0629 sec (16 req/sec)