Nautical Term: BIMCO
Definition of BIMCO
The Baltic and International Maritime Council, commonly referred to as BIMCO, is an international shipping organization headquartered in Copenhagen, Denmark. Founded in 1919, BIMCO represents over 1,700 member shipping companies from over 120 countries, accounting for approximately 60% of the world’s merchant tonnage. BIMCO’s main role is to provide a platform for its members to collaborate, exchange knowledge, and work together to address the challenges and opportunities facing the international shipping industry. One example of how BIMCO is used in practice is in the development and implementation of standard contracts and clauses for use in the shipping industry. By providing a consistent and standardized approach to contract drafting and implementation, BIMCO helps to ensure that transactions in the shipping industry are conducted in a clear, fair, and efficient manner, minimizing the risk of disputes and potential litigation.
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