On 9 January 2017, BIMCO published its first ship finance
related form – "SHIPTERM". BIMCO describes
SHIPTERM as a simple, short form, non-binding, bi-lateral term
sheet which is intended to be used for secured term loan ship
financing transactions.
BIMCO's stated aim in publishing SHIPTERM is to provide an
important tool for shipowners, banks, lawyers and other players in
the industry involved in ship financing transactions.
BIMCO presents SHIPTERM as being most useful to small and medium
sized shipowners and banks with limited experience of negotiating
ship financing facilities. BIMCO expects that all parties
involved will save time and money by using SHIPTERM.
SHIPTERM is designed for use with simple bi-lateral secured ship
financing facilities. Whilst it would be to possible to adapt
the form for use by multiple borrowers with multi-ship financings,
many consequential amendments would be required and SHIPTERM is
unlikely to be the best starting point for
