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BIMCO backs IMO initiative to reduce red tape at UN maritime agency

THE Baltic and International Maritime Council (BIMCO) has given its support to measures to reduce red tape at the UN's International Maritime Organisation (IMO).

BIMCO backs IMO initiative to reduce red tape at UN maritime agency
03 December 2014 - 23:44

BIMCO backs IMO initiative to reduce red tape at UN maritime agency

THE Baltic and International Maritime Council (BIMCO) has given its support to measures to reduce red tape at the UN's International Maritime Organisation (IMO).

The proposals are contained in a report from the Ad Hoc Steering Group for Reducing Administrative Requirements set up by the IMO in 2012 to identify ways to cut red tape.

The report will be presented to the IMO Council meeting this month and contains ways to lessen administrative burdens associated with mandatory IMO conventions and codes, the London's Tanker Operator reported.

Key findings of the report include calls for electronic certificates and similar documents to have equal weight as original paper certificates and an electronic "single window" information exchange system to be introduced to fulfill multiple reporting requirements.

The committee proposals also call for shipowners, administrators, classification societies and commercial parties to accept electronic, or software solutions, as a suitable replacement for paper documentation.

"If the recommendations are put into practice, they will establish an enhanced and modern platform for simplifying the daily work on board ships as well as ashore," said BIMCO deputy secretary general Lars Robert Pedersen. 

"BIMCO therefore urges the IMO Council to make firm decisions on the basis of the recommendations and remove unnecessary administrative burdens."

BIMCO has also announced that it is to develop a standard term sheet to assist the shipping industry in the creation of ship financing documentation.

The aim of developing this document will be to offer lenders and borrowers a comprehensive and simple standard, which would become well-known, and could replace the many individually drafted term sheets developed by banks and other financial institutions. 

As a result, this standard would have the potential to facilitate the provision of ship financing, increase predictability and reduce cost.

A term sheet usually contains a number of provisions for a term loan facility, revolving credit facility, or a combination of both and further provisions on particular issues, such as currency, interest, fees, guarantee, security, prepayment and cancellation.

Said BIMCO secretary general Angus Frew: "We think that both lenders and borrowers will see the benefits of having this kind of standard available. BIMCO will now set up a dedicated sub-committee to draft the term sheet."

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