IDEA•2 – the go-to shop for Marine Contracts

Have you ever needed to arrange a BIMCO contract but been at a loss about how to make sure that your contracts are authentic and comply with all the right legislation? It’s worth taking a look at IDEA•2, an online portal that lets you download standard maritime contracts with all the potential clauses you could possibly need. IDEA•2.

It’s a really useful web based portal that you can use to get access to the whole range of BIMCO’s standard contracts and clauses, all based around IDEA•2 is built a secure online version of Microsoft Word 2010.

All you have to do to create a BIMCO standard contract is create a company account and log into it, find the template you want to use and type into it. Although it’s not essential to be a member to use the contract templates, you can save a lot of money if you do set up an account so we recommend it. It’s compatible with Windows and Apple computers and you can access your documents from any computer and anywhere that has Internet access.

The files are stored on BIMCO’s highly secure web servers, and they even make sure that they are regularly backed up, and that the latest versions of all templates are always available. The whole point of a service like this is to give businesses secure and authentic copies of BIMCO contracts, saving time on having to proof check them all. You can edit the contracts to your needs but any changes will show up on the final agreed document so that all parties know where they stand, and whether there have been any changes to the standard wording.

It’s a great idea (see what we did there) and it makes life so much easier and less complicated for any business that wants to draft a contract securely and in the knowledge that they will be including all the relevant clauses. Why not give it a try?

For more information about the product, check out the website: https://www.bimco.org/Products/idea_2.aspx

The Pros and Cons of using LNG in Shipping

There has been a lot of discussion about Liquefied Natural Gas (LNG) as a viable fuel option for the shipping industry, so we thought we’d take a look at some of the pros and cons. More than 100 vessels in merchant, offshore and ferry applications already operate on gas, and it’s likely to become more popular with new regulations and environmental legislation coming into force.

Advantages

• Natural gas is mainly made up from methane, a potent greenhouse gas. Using LNG as shipping fuel could reduce sulphur oxide (SOx) emissions by up to 95 per cent. The lower carbon content of LNG compared to traditional ship fuels gives a 20 – 25 per cent reduction of carbon dioxide (CO2) emissions.
• LNG is likely to cost less than marine gas oil. Lower LNG prices in Europe and the USA suggest that the price is likely to be price below heavy fuel oil even when taking the small-scale distribution of LNG into account.
• LNG is readily available - carriers move the natural gas from liquefaction terminals to re-gasification terminals at locations all over the world, making the fuel easily available from shore-based facilities. 
• There are Marine LNG import and export terminals everywhere, which means that LNG is available anywhere in the world. In addition to this, there are more terminals planned for the future.

Disadvantages

• LNG does need more storage space, and specific bunkering arrangements also have to be provided. 
• LNG is pumped from one location to another through pipelines in gaseous form or transported by sea as a liquid, and during the transformation phase from gas to liquid it requires cryogenic temperatures.
• The infrastructure can make things harder with LNG, and the ability to transfer it from terminals and into the vessels that need it. On the plus side, though, availability of LNG bunkering is spreading, especially in regions with a strong environmental awareness or where it’s more economical than other fuels.

What do you think about using LNG? Is it a viable option for your business?