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China’s July crude oil imports hit 4-year low and drops 9.2% y/y

25 August 2022

China is the world’s largest importer of crude oil, accounting for approximately 25% of global crude import volumes. The country’s crude imports are also equal to about 25% of global seaborne crude oil volumes which contributed to about 30% of dirty tanker trade tonne miles in 2021 according to Signal Ocean statistics. From 2010 to 2020, China’s crude imports grew at an average annual rate of 8.5% and have been the key demand driver for both crude oil and crude tanker demand.

Is on board fuel blending allowed?

20 December 2019

The fuel oil carriage ban from the International Maritime Organization (IMO) that will come into force on 1 March 2020 has prompted questions regarding the possibility of blending fuel on board ships to achieve compliance. Here, BIMCO offers its view on the regulatory aspects of whether on board blending can be considered compliant.

COVID-19 and its consequences on shipbuilding contracts

03 March 2020

The spread of the COVID-19 virus is causing significant issues in the shipbuilding industry, but English law has no general concept of force majeure, and this is a key factor in the relationship between shipyards and shipowners.

BIMCO kicks off its first Advisory Panel in Asia

04 October 2018

On Monday, BIMCO hosted an Advisory Panel in Singapore with the aim to continue to strengthen the shipping voice of members across Asia and establish a new platform for dialogue and involvement.

Secondhand crude tankers reach highest values in 15 years

19 April 2023

Secondhand crude tanker values for five-year-old ships hit bottom levels in late 2020 and have since increased by an average 67%. Over the past twelve eventful months values have risen by 34%, reaching their highest level in 15 years.