BIMCO has initiated the development of a standard industry clause with the aim to address contractual uncertainties arising from the United States Trade Representative’s (USTR) Notice of Actions to impose fees on
BIMCO has initiated the development of a standard industry clause with the aim to address contractual uncertainties arising from the United States Trade Representative’s (USTR) Notice of Actions to impose fees on Chinese-related ships calling US ports.
The USTR has announced actions to impose fees on ships calling at US ports which are Chinese-built or have Chinese owners or operators. The actions are part of the USTR’s “Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance”. When implemented, the actions will also result in fees imposed on any car carrier built outside of the United States.
“When implemented, the measures will significantly raise the cost of seaborne trade to and from the United States. Additionally, the actions present complex contractual challenges for the shipping industry which is responsible for transporting around 90 percent of world trade,” says David Loosley, BIMCO Secretary General & CEO.
Recognizing the complexities, the BIMCO Documentary Committee has decided to prioritize the drafting of clauses to support the shipping industry in navigating the new rules.
“Seen in the light of the complex nature of the USTR actions, we have decided to make this a priority. A BIMCO subcommittee comprising legal
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