Charterers are increasingly requesting to receive quiet enjoyment letters (“QELs”) from the mortgagees of chartered vessels. As there has not been any standard format for QELs, owners have often found themselves caught in the middle of protracted negotiations between the charterers and the mortgagees when QELs are requested. To meet the longstanding need for a standard format acceptable to charterers, mortgagees and owners, BIMCO published two standard form QELs on 21 February 2024.

Since its original introduction in 1988, the BIMCO standard ship management agreement SHIPMAN (revised in 1998 and 2009) has established itself as the global standard ship management agreement. Adopted on 22 March 2024, the new SHIPMAN 2024 represents a light touch revision of the standard form, incorporating established standalone clauses and new provisions reflecting these developments.

In advance of the recent inclusion, as from January 2024, of the shipping industry in the European Union Emissions Trading System (EU ETS), BIMCO introduced a new ETS clause tailored specifically for ship management agreements.

On 21 April 2022 BIMCO released SHIPSALE 22, its new standard contract for sale/purchase of vessels.

In the lead-up to delivery under shipbuilding and offshore fabrication contracts where delivery is delayed, buyers may, from time to time, face claims that they have disrupted the contractor’s progress in such a way that the contractor is entitled to an extension of the delivery date and/or damages for the additional costs incurred. A recent ruling from the Norwegian Supreme Court involving land-based construction clarifies the requirements as to causation for such a claim to succeed.

Financing

Shipping

Managing Associate

Peter assists Norwegian and international clients with legal advice, contract negotiations and project execution related to shipping and offshore transactions, with a particular focus on equity and debt financing, shipbuilding contracts and sale/purchase of vessels.

Oslo

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Peter assists Norwegian and international clients within the maritime industry with contract negotiations, project execution and legal advice related to shipping and offshore transactions.