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 Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Legal

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Bulk Carrier Trends

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Ice Hurts March’s Lakes Ore Shipments

Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Ship Simulators 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: 0.0790 sec (13 req/sec)