what is the meaning BIMCO (Baltic and International Maritime Council)?

BIMCO is a shipping association providing a wide range of services to its
global membership of stakeholders who have vested interests in the shipping
industry, including shipowners, operators, managers, brokers and agents.
The association’s main objective is to facilitate the commercial operations
of its membership by means of developing standard contracts and clauses and
providing quality information, advice and education.
BIMCO promotes fair business practices, free trade and open access to
markets and is a strong advocate for the harmonization and standardization of
all shipping- related activity.
Accredited as a Non- Governmental Organization (NGO) with all relevant
United Nations agencies and other regulatory entities, BIMCO actively promotes
the application of international agreed regulatory instruments.
For more than 100 years, the development of charter- parties and other
standard shipping contracts or clauses has been one of BIMCO’s core

activities. All BIMCO contracts and clauses are developed and continuously
updated by the Documentary committee and its expert sub- committees.
BIMCO members can reduce their exposure to costly disputes by seeking
advice from the Secretariat on interpretation of contract clauses, objective
opinions on charter- party disputes, recommendations on forms to be used
and other problems related to shipping documents.
BIMCO’s charter- parties and forms can be accessed and also negotiated
online through BIMCO Internet Document Editing Application (IDEA).
The unique feature of this application is that it protects the underlying text of
edited documents so that both parties will always know exactly what amendments
have been made to the standard wording. More than 80 standard forms
such as charter- parties, bills of lading and specialist agreements, are available
on IDEA.
A global regulatory framework based on free trade, fair business practices
and unhindered market access is the guarantor for the world community that
shipping can continue to serve world trade in a cost- effective, predictable and
reliable manner. Some nations have strong national associations to protect
their members, but others are not as lucky and shipping stakeholders will rely
on BIMCO to closely monitor developments and make appropriate representations
on their behalf.
BIMCO, as a representative of international shipping, supports the IMO as
the only entity technically capable of developing a global regulatory framework
for shipping. In an effort to best protect its membership, BIMCO actively
engages in the regulatory work conducted in key intergovernmental, international,
regional and national policy- making circles.
BIMCO has forged strong links with European lawmakers to encourage
the adoption of policies that are equitable to shipping. Across the
Atlantic, it works with the US Coastguard and US authorities on issues
of regulatory compliance, facilitating optimal professional guidance to
members. BIMCO similarly maintains a close dialogue with the Asian regulatory