Bimco approve revision to war risk clauses to charter parties

By Admin

14 Apr, 2025

In response to escalating geopolitical tensions and evolving maritime threats, the Baltic and International Maritime Council (BIMCO) has approved significant revisions to its War Risk Clauses for charter parties. These updates aim to provide clearer guidance and enhanced protection for shipowners and charterers navigating high-risk areas.​

Key Updates

The revised clauses include:​

• VOYWAR 2025: An updated War Risk Clause for Voyage Charter Parties.
  
  

• CONWARTIME 2025: An updated War Risk Clause for Time Charter Parties.​
  
  

These revisions reflect the changing nature of modern conflicts, such as the war in Ukraine and recent attacks on shipping in the Red Sea. ​

Additionally, BIMCO considered revising the War Cancellation Clause 2004 but determined it remains fit for purpose.

Insurance and Premium Transparency

The subcommittee also addressed war risk insurance aspects, focusing on

Clarifying the responsibility for premium payments.​

• Enhancing transparency regarding premiums payable by charterers to owners.​

These measures aim to ensure equitable risk-sharing and financial clarity when vessels enter high-risk areas.

Implications for the Maritime Industry

The updated clauses provide

• Enhanced Protection: Clearer definitions and responsibilities help mitigate risks associated with modern maritime conflicts.

• Operational Clarity: Improved guidance on navigating high-risk zones ensures better preparedness and response strategies.​
  
  

• Financial Transparency: Defined premium responsibilities foster trust and cooperation between shipowners and charterers.​
  
  

These revisions are crucial for maintaining the safety and efficiency of global shipping operations amid increasing geopolitical uncertainties.