Hydro and BIMCO update standard shipping contract

Hydro has updated existing standard voyage charter party. The new version of “Hydrocharter” is effective from March 1, 2017, and has been established in close cooperation with the shipping association BIMCO.

March 1, 2017

The updated contract works as a basis for Hydro’s freight contracts with ship owners globally. The first version of Hydrocharter was established in 1923.

In addition to Hydrocharter has “Hydrobill”, a standard bill of lading document, also been updated. Hydrobill is issued by the ship, containing information of the goods being transported.

Hydro has cooperated with BIMCO, the world’s largest shipping association, when updating Hydrocharter and Hydrobill. A team of industry experts from Lauritzen Bulkers, Western Bulk, Skuld, Nordisk and Pareto has also given their input – ensuring a balanced and standardized contract.

“The Hydro freight charter has been renewed several times since it first was established in 1923. Through the joint work with BIMCO, it has been given a timely overhaul. The updated contract will continue to work as a basis for our contracts of affreightment and will save time for all parties involved in the tender process, “ said Gustav Heiberg, head of logistics at Hydro.

The Hydrocharter and Hydrobill are now available for use through BIMCO’s charter party editor, IDEA. A sample copy of the contract can be found on BIMCO’s website and questions about the contract can be sent to BIMCO at contracts@bimco.org.

Updated: March 1, 2017