BIMCO starts work on contract for growing wind turbine market
Overview
BIMCO has established a subcommittee to work on a global standard contract for the transport and installation of offshore wind turbines. The project has been launched to support the offshore wind industry as the global demand for more renewable sources of energy increases.
Work on the contract, WINDSEACON, was initiated through a series of consultations with about 65 key market players. Following consultation, a dedicated subcommittee and a large sounding board composed of a broad range of industry leaders from companies around the world has been established.
“During our consultations with offshore wind experts, it became evident that the majority of the market was using contracts reflecting a blend of construction contracts and BIMCO’s SUPPLYTIME charter party. The consultations confirmed that there is a need for a targeted, balanced and commercially viable standard contractual framework for the offshore wind industry,” says Stinne Taiger Ivø, Deputy Secretary General at BIMCO, heading Contracts & Clauses and Support & Advice.
The project focuses on tackling the challenges faced by the offshore wind industry, ensuring flexibility in the contractual framework, and keeping pace with the industry's continuous evolution. The WINDSEACON contract will provide the framework to make legal and commercial negotiations more effective and efficient, and the subcommittee is currently focusing on the transportation and installation aspects of offshore wind turbines.
As the work progresses, the subcommittee plans to consult and obtain feedback from the sounding board. The subcommittee will also explore whether additional US-specific provisions are needed, as the US market has different requirements than Europe and Asia when it comes to offshore wind turbines.
“The drafting team will bring their collective expertise to the table to develop a new standard contract that will help shape the future of offshore wind. The need for a targeted contract is growing and we are working on how it should be constructed to support the demand for renewable energy sources,” says Ivø.
About BIMCO
BIMCO is the world's largest international shipping association, with over 2,000 members in 130 countries, representing 62% of the world’s tonnage. Our global membership includes shipowners, operators, managers, brokers, and agents. BIMCO is a non-profit organisation.
Feedback or a question about this information?
Posted:
12 February 2024
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
Related publication
Offshore Heavylift and Project Cargo Contracts
The handy guide contains all of BIMCO’s current standard offshore contracts and charter parties along with detailed guidance notes.
Related training
SUPPLYTIME Masterclass
- Vouliagmeni, Greece
- 18 November, 2024
The masterclass examines different versions of the SUPPLYTIME contract. During the course, we will also examine the practical and legal differences using SUPPLY...
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
