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The Maritime Safety Committee 103 meeting (MSC 103) of the International Maritime Organization (IMO) was held 5 to 14 May 2021. Several important decisions were made that will affect shipowners directly. These include upcoming changes to fire safety systems on board to help prevent fires, as well as changes to the search and rescue manuals on board ships.
The Maritime Safety Committee 103 meeting (MSC 103) of the International Maritime Organization (IMO) was held 5 to 14 May 2021. Several important decisions were made that will affect shipowners directly. These include upcoming changes to fire safety systems on board to help prevent fires, as well as changes to the search and rescue manuals on board ships.
Navigating the waters of Straits of Malacca and Singapore and associated waters, is not always straightforward and members need to be aware of certain legal risks that exists in these waters.
The total orderbook for dry bulk, container and tanker ships has reached its lowest point in 17 years as COVID-19 has massively slowed contracting (-50%) while deliveries of new vessels have proved more resilient (-2%).
Sale and leaseback transactions have seen a substantial increase in recent years as an alternative method of ship financing, and BIMCO has adopted a new term sheet which will facilitate the negotiation of sale and leaseback deals and make the process cheaper for parties involved.
Anna Wollin, Manager, Contracts and Clauses at BIMCO, says that many of the disputes that commonly occur when a ship is redelivered at the end of a time charter could be avoided by using clearer wording in contracts.
BIMCO has been informed by members in Algeria that VAT is now payable on services supplied to ships.
The coronavirus outbreak has affected all aspects of the shipping industry, lowering, if not wiping out, demand growth prospects for the year across all segments. The outbreak has also affected fleet development.
Reduced volumes are currently posing a major challenge to container shipping due to the COVID-19 crisis.
