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April was a disappointing month for the crude oil shipping industry with a dramatic fall in US crude oil exports which caused tonne mile demand to fall disproportionally.
The Asian gypsy moth (AGM) flight season is just around the corner. BIMCO advises its members to pay attention to the possible consequences of calling at ports where the AGM is indigenous or established.
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.