SHIPMAN 2024 - an update of the industry's favoured ship management contract

In April BIMCO released the latest edition of its popular standard ship management agreement SHIPMAN. This article provides an overview of the new form - SHIPMAN 2024 - and a comparison with the previous edition published 15 years ago. SHIPMAN is widely used in the shipping industry. It is a standard contractual framework that may include crew, technical and commercial management (including chartering services) as well as insurance arrangements in respect of a ship.

The agreement was first published in 1988 and has been updated regularly to reflect changes in ship management practices, regulatory developments, technological advances, etc.