The Baltic and International Maritime Council (BIMCO) cemented its move into the[ds_preview] domain of ship financing with a standard term sheet for use in ship financing transactions. The term sheet has been drafted as a »short and simple« standard for term loan facilities. It has been prepared in the BIMCO format, but is indicative and non-binding. Bimco sees this as an important tool for shipowners, banks and lawyers and hopes it will be particularly useful for small and medium-sized companies, who may not have a lot of experience with such deals. It is expected that all parties involved will save time and money.
A sounding board was set up to comment on the draft. It consisted of more than 50 representatives of banks, shipowners and lawyers. The term sheet is planned to be published in early 2017.
