In support of ship financing – a new standard document from BIMCO

BIMCO has extended its range of standard documents to include a new standard term sheet for use in ship financing transactions, codenamed SHIPTERM. The aim has been to provide a concise and simple standard to cover the essential elements of a term loan to be provided by a single bank lender. This is the first time that BIMCO has developed a banking-related document, working together with the finance sector.

Why did BIMCO draft a standard term sheet?