Ukraine - Trading restrictions

How the global shipping industry may be impacted by the European Corporate Sustainability Reporting Directive (CSRD)

The European Corporate Sustainability Reporting Directive (CSRD) will apply to certain companies in 2024 with reports due in 2025, and the scope will be expanded over the next four years. The new rules will significantly impact industries, bringing both challenges and changes to companies and their practices. While your company may not fall within its scope, the effects of the CSRD could soon reach your operations – even outside the EU. Is your company aware and prepared?

IMO’s HNS Convention now closer to ratification

The last convention of the international liability and compensation regime for pollution damage from ships is now closer to ratification with the European Parliament’s consent. The consent is to the draft EU Council Decisions authorising member states to ratify the 2010 Protocol to the International Convention on Liability and Compensation for Damage, in connection with the Carriage of Hazardous and Noxious Substances by Sea, 1996.

4th meeting of the BIMCO ESG network explores the potential impact of upcoming legislation

Presentations on the regulatory landscape and the potential for BIMCO to support members in collating ESG data formed the basis for the 4th meeting of the BIMCO ESG Network. The meeting took an in-depth look into emerging ESG reporting requirements. Regulatory requirements – particularly from the EU - and voluntary requirements- driven by customer and other stakeholder requests for information were delved into.

Macro Economics - Recent die-hard optimism is being shadowed by dark clouds partly created by political problems. Key figures are falling short of expectations, but the direction is alright

The recent optimism has fortunately not completely evaporated following the latest series of less positive economic indicators from across the globe, including India, the US, Brazil and Spain. The EU debt situation creates a lot of uncertainty, not only as regards economic development but also regarding the political situation on both sides of the Atlantic Basin.

Launch of EUNAVFOR Med “strongly welcomed” by BIMCO

The decision of the EU Council to launch EUNAVFOR Med was today strongly welcomed by BIMCO, following the association’s statement on 24 April calling for an extension of Operation Triton’s geographical reach.

Shipmanagers and owners ponder ETS contractual responsibilities

Shipmanagers and owners, assisted by legal and insurance experts, are grappling with the complexities of drafting a clause for SHIPMAN that sets out the responsibilities for administering and surrendering emissions allowances under an Emissions Trading Scheme (ETS). Although the clause is being written to work with any ETS, the primary focus is on the EU ETS, which is the world’s largest carbon trading scheme, soon to embrace shipping.

Cyprus - Trading restrictions

BIMCO's advice on ship recycling

The process of recycling ships and their components and parts requires careful adherence to legal instruments and regulations. In this expert advice article, we explore the key legal instruments governing ship recycling and discuss the challenges posed by the current regulatory landscape.

Tanker market report 21 January 2022

Decarbonisation talk appears to be everywhere nowadays - on a government level and in a plethora of industries. Last year saw several international agreements reached during COP26 as well as European Union proposals to include shipping in their emissions trading scheme. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.