ship management


the new age of


In April, BIMCO published a revised ship management agreement, SHIPMAN 2024, following a two-year review process involving input from shipowners, managers, P&I clubs and insurance and legal experts.


BIMCO has included a number of clauses in SHIPMAN 2024 relating to emission trading schemes, sanctions, cyber security and anti-corruption. The aim is to reflect current market ship management practices in order to reduce the need for parties to heavily amend standard form agreements and include rider clauses.


This article focusses on the main differences between SHIPMAN 2024 and its predecessor SHIPMAN 2009. The below is not an exhaustive list of the amendments to SHIPMAN 2024, but what we believe are the key changes.


Authenticity Warranty: In SHIPMAN 2024, BIMCO has inserted language at the end of Part I requiring the party responsible for issuing SHIPMAN 2024 to warrant that the execution version of the agreement uses the authentic BIMCO SHIPMAN 2024 template properly sourced from BIMCO. This is BIMCO’s attempt to prevent parties from using counterfeit copies of SHIPMAN 2024.


EU ETS Clause (Clause 10): BIMCO incorporated into SHIPMAN 2024 its ETS SHIPMAN Emission Trading Scheme Allowances Clause 2023 (ETS Clause), which was introduced in 2023. In April 2023, the European Parliament voted in favour of legislative amendments to the EU Emissions Trading Directive to include the maritime sector in the EU’s Emissions Trading Scheme. This has had a profound effect on how shipowners, ship managers and charterers interact with each other in respect of emissions trading.


The ETS Clause sets out the Emission Scheme Management Services which managers will provide and a separate fee in this respect will be paid by owners. This EU ETS fee is set out in Box 14 of Part I.


Management Fees (Clause 13): The management fee structure has been updated in SHIPMAN 2024. Instead of only having an annual management fee payable from the commencement date of the SHIPMAN agreement,


118 | ISSUE 109 | SEP 2024 | THE REPORT


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148