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ASBATANKVOY, one of the most widely used tanker charter parties in the world, will form the basis when BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) begin to jointly develop a charter party specifically for use in the gas tanker trade.
US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes.
BIMCO’s Chief Shipping Analyst will be participating at the INTERCEM Shipping Americas in New York City, USA, which will take place on 20 May 2019, and the Shipping Federation of Canada’s Annual Conference on 22 May 2019 in Montreal, Canada.
The oil market is notoriously linked to geopolitics. Most recently, the political situation in Venezuela creates turmoil in the region and particularly affects crude oil exports.
The International Monetary Fund (IMF) has revised down its predictions for global growth in 2019 and 2020. It forecasts growth to be 3.5% in 2019 and 3.6% in 2020. This means a dampening of global growth over the next two years, as growth in 2018 is estimated to be 3.7% The slowdown will affect both advanced and emerging economies.
The best performing port, in BIMCO’s Dry Bulk Terminals Vetting Report 2018, is Szczecin in Poland. The report collected input from 144 ships covering 381 terminals. A total of 97% of the reports were rated as average or better, which gave an average rating of 3.6 (out of five). The result is a marginal better than last year’s results.
The continued severity of the tanker market conditions has made owners dig deep into the oversupply of capacity. Still BIMCO expects the tanker fleet to keep growing. A short-term rate recovery is not expected, as it is ‘maintenance season’ for the global refining industry in September and October.
BIMCO was represented at the recent meeting which coincided with the fortieth anniversary of the Funds. Agenda issues included the importance of maintaining legislation in line with treaty law provisions, difficulties occasionally encountered with non-International Group insurers, the Funds’ current compensation cases and a report on developments with the HNS Convention.
BIMCO and the participating administration of the Paris Memorandum of Understanding of Port State Control (Paris MoU) have updated the pamphlet “The Inspection Regime on Paris MoU”.