ABSTRACT
The Baltic and International Maritime Council (BIMCO) is the largest of the international shipping associations representing shipowners; its membership controls around 65% of the world’s tonnage and it has members in more than 120 countries, including managers, brokers and agents. Vessel chartering is governed by two main international maritime organisations, namely the BIMCO, based in Denmark, and the Baltic Exchange, based in the City of London. The organisation’s foundation stretches back to 1905, where BIMCO began as a grain shipping cartel under the name “The Baltic and White Sea Conference”. BIMCO’s goal is to secure a level playing field for the global shipping industry. BIMCO therefore works to promote and secure global standards and regulations for the maritime sector. The organisation’s century-long effort into creating standard contracts and clauses is an expression of that aim. BIMCO’s membership is open to companies involved in various sectors of shipping.
