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Sale & purchase report dated 3 October 2017

04 October 2017

Bulkers are still grabbing the lion’s share of SnP activity, while the tanker industry has also seen increased interest, as prices slowly became more attractive during the past week. The weekly sale and purchase report by Intermodal Research & Valuations features secondhand sales market prices for crude oil- and oil product tankers, dry bulk carriers, container ships and gas tankers.

BIMCO President speaks about opportunities and threats for shipping from digitalisation including stressing the human element

28 September 2017

The BIMCO President Mr Papagiannopoulos highlighted the main opportunities and threats for shipping coming from digitalisation at the 3rd ShipIT conference in Athens on 27 September 2017. The opportunities and threats include the admin burden on board ships, autonomous ships, blockchain, cyber risk management and not least the human elements of all these issues. 

MEPC reaffirms that early movers of ballast water systems are not penalised

07 July 2017

MEPC 71 progressed in ensuring smoother implementation of the ballast water convention. One of the achievements was reaffirming the agreement regarding the provisions for non-penalisation of early movers that have installed ballast water management systems according to G8 guidelines.

General Average Absorption Clause 2018

04 July 2017

The BIMCO Standard General Average Absorption Clause, for use in marine insurance policies, was updated in 2017 to give effect to the revised York-Antwerp Rules 2016. Further modifications have now been made to streamline the basis for determining insurers’ payments.  Details are set out below together with advice on adapting the clause where the underlying marine insurance policy covers more than one vessel. The 2018 clause should be used in place of the 2017 provision. The original 2002 version of the Clause, based on the York-Antwerp Rules 1994, should no longer be used.