International shipping association BIMCO is planning to develop new gas-related contracts in Asia in an effort to further increase the involvement of its Asian members.
The two contracts are the liquefied natural gas (LNG) bunker purchase contract and a liquid petroleum gas (LPG) voyage charter party, BIMCO said in a statement.
Both projects will be developed mainly by experts from the region and managed by BIMCO’s Shanghai office, assisted by head office staff in Copenhagen.
“An alternative fuels contract and a voyage charter for LPG are two key projects which have global resonance,” says Grant Hunter , head of contracts and clauses at BIMCO.
Drafting teams for the two projects are being recruited from Japan, China and Singapore with additional expertise from European based members, the association said.
Work on the LNG Bunker Purchase Contract and the LPG Voyage Charter Party will begin in January 2019 and is expected to take approximately 18 months to complete.