BIMCO Bunker Price Adjustment Clause 2004
The standard BIMCO bunker escalator for voyage charters and COAs: base price, price band, first-day-of-loading price and agreed consumption.
The BIMCO Bunker Price Adjustment Clause 2004 is the standard BIMCO wording for moving voyage charter or contract of affreightment freight with the price of fuel. It fixes a base bunker price for a named grade, an upper and a lower price, a price source agreed as a port, supplier or published index, and an agreed bunker consumption for each voyage. If the price on the first day of loading falls outside the band, the amount in excess is payable to owners or charterers.
The full article will set out the clause text blank by blank, the two readings of “any amount in excess”, how the agreed consumption is fixed, and how the clause is added to GENCON 1994 under Box 26. See bunker adjustment factor .