BIMCO's position has been approved by the BIMCO Board of Directors.
Around 90% of global trade by volume is transported by sea. Shipping is crucial for global trade plus the wider blue economy and international regulations are vital for the smooth, operation of the shipping industry, which works globally across borders and different regions.
International conventions govern maritime transport, including safety and security, environment protection, liability and compensation as well as standards of training and watchkeeping. Their effective application depends on swift and broad ratification and uniform implementation by states.
The lack of ratifications creates uncertainty in the application of a global regulatory framework for shipping and a risk of unilateral regulations.
BIMCO supports the global regulatory regime developed eg by the International Maritime Organization (IMO) by creating standard contracts and clauses addressing the commercial implications of such regime to charter parties and other shipping contracts in a fair and balanced manner.
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
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