Piracy clauses for Charterparties

If someone is not yet fully aware, BIMCO has recently published three new piracy clauses. The first one is a further revision of the Piracy Clause for Time Charter parties, initially issued in March of 2009. The other two are newly developed piracy clauses, for single voyage Charter Parties, and for consecutive voyage Charterparties and contracts of affreightment (COAs). For short term fixtures, the clause leaves the risks and costs with the owners, while for the longer term COAs and consecutive voyages, the risks and costs are shared between the owners and the charterers.