Acceptable Compromise Solution News

BIMCO offers new Standard Bunker Contract

When BIMCO published the "Fuelcon" Standard Marine Fuels Purchasing Contract in 1995, it received only a modest welcome from the bunker industry. Although a standard contract of this type had been long-awaited by those involved in the marine fuels sector, "Fuelcon" was not widely adopted. The general feeling in the industry was that BIMCO, in an attempt to redress the balance of often onerous suppliers' terms and conditions then in general usage, had produced a standard form of contract that was too biased towards the buyers. Although failing to achieve dominance in the market, the "Fuelcon" initiative successfully raised awareness in the bunker sector of the need for a set of standard terms and conditions acceptable both to buyers and sellers.