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Consolidated MLC Text 2019

05 February 2019

The International Labour Organisation (ILO) celebrated its 100 years by issuing a new consolidated text of the Maritime Labour Convention, as amended (MLC,2006) which includes the 2014 and 2016 amendments.

Arrest Clause for Time Charter Parties 2019

06 February 2020

Arrest clauses in charter parties are frequently one-sided with charterers having the right to terminate the charter party if the ship is not released within two or three days of an arrest. To provide a fairer allocation of risk and responsibility in the event of ship arrest BIMCO has developed two new standard clauses for time and voyage charter parties. Risk allocation is based on the “sphere of responsibilities” approach taken by the Court of Appeal of England and Wales in the "Global Santosh" judgment . Under this approach, a distinction is drawn between issues such as the management of the ship and its crew, which fall within the owners’ sphere of responsibility, and employment for use of the ship which falls within the charterers’ sphere of responsibility. This clause was published on 14 June 2019.

Tanker market report dated 25 January 2019

28 January 2019

According to a recent IEA report, 2019 is expected to see the largest wave of refinery capacity additions since the 1970’s. The Agency expects that 2.6 million b/d of new capacity will initiate operations this year. In terms of pure volumes, this is of course a bullish sign for the product tanker market, but what really matters is how global product flows shape up. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.