The documentary committee of the world’s largest shipping association, BIMCO, has adopted a standard clause aimed at addressing the contractual uncertainties that may arise from the notice of actions by the United States Trade Representative to impose tariffs on ships related to the Chinese calling at US ports.
A BIMCO subcommittee comprising legal and commercial experts began work on the clause in early June, prioritizing its development after the USTR announced actions to impose tariffs on US ships.
According to the association, the notice of action will significantly increase the cost of maritime trade to and from the US and will add to the regulatory challenges for the shipping industry.
They are part of the “USTR Section 301 Investigation into China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance” and will also result in tariffs imposed on any car carrier built outside the United States.
“We anticipate that many of the current uncertainties surrounding the enabling provisions to give the USTR Notice its intended effect will be resolved in the months following the implementation of the USTR tariffs,” said Nicholas Fell, chairman of BIMCO’s Documentary Committee.
Bojan is an English language teacher turned journalist with years of experience covering the energy industry with a focus on the oil, gas and LNG industries, as well as reporting on the rising energy transition. He had previously written for the media group titles Navingo, including Offshore Energy Today and LNG World News. Before joining Splash, Bojan worked as an editor for Rigzone Online magazine.
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