International shipping association BIMCO's Documentary Committee approved the use of a standard term sheet in ship financing transactions on Nov. 17, 2016. It has been developed by a subcommittee consisting of representatives from five banks, five shipping companies and three law firms.
BIMCO thinks that A BIMCO standard will serve as an important tool for shipowners, banks and lawyers when they draw up term sheets in the process of ship financing transactions. It is said to be particularly useful for small- and medium- sized companies with not so much experience in such transactions.
The term sheet will be published in early 2017.