BIMCO publishes updated Gencon contract

Independent shipowners’ association BIMCO has published a revised and updated version of GENCON 2022. BIMCO said that the revisions reflected significant changes in the regulatory landscape since the contract was last updated in 1994.

The voyage charter party is a standard for the dry bulk trade. The new version addresses all terms and conditions that the commercial parties need to incorporate by means of rider clauses.

Søren Larsen, BIMCO Deputy Secretary General, said that focus has been on the importance of producing a clearly worded contract that left little room for disputes on matters of interpretation.

John Weale, Chairman of the drafting sub-committee said that he had been active in dry bulk shipping all my working life and had seen how important it was to get the wording just right. “There is no perfect charter party, but I do believe that GENCON 2022 will go a long way towards meeting the needs of today’s industry and avoiding disputes.”