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AIS Switch Off Clause 2021

16 July 2021

AIS manipulation is one tool used by parties to evade sanctions. This clause addresses this issue and is part of the BIMCO suite of sanctions clauses. It is intended to be part of a company’s sanctions compliance due diligence programme. Although the continuous operation of a ship’s Automatic Identification System (AIS) is mandatory under SOLAS, there are circumstances where it may be legitimately be switched off. The purpose of the clause is to ensure that when this is done legitimately, it does not give rise to termination rights and ensures a balance of the rights and responsibilities between owners and charterers in preventing AIS manipulation to evade sanctions.

Oil product tanker demolition on track to break 11-year record

11 May 2021

In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.

BIMCO, ICS, INTERCARGO and INTERTANKO launch new fuel oil survey

06 May 2021

The International Maritime Organisation’s 2020 global sulphur limit for marine fuel oil has been in force for more than a year. BIMCO, The International Chamber of Shipping (ICS), INTERCARGO and INTERTANKO are calling on Fleet Managers, Vessel Managers, Technical Superintendents, Masters and Chief Engineers to share their insight and experiences with marine fuels in a new survey aimed at identifying potential quality and quantity issues.

LNG Market Insight 7 April 2021

07 April 2021

Fortescue Metal Group (FMG) announced it will cancel its tender for 10 LNG fuelled 209,000 dwt bulkers, which was only issued earlier this year. As a result of Easter, Gibson Shipbrokers published an LNG Market Insight, instead of the usual weekly tanker market report.