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BIMCO has today shared the two critical issues at the top of its own priority list ahead of the IMO’s MEPC meeting next week.
On Monday, BIMCO hosted an Advisory Panel in Singapore with the aim to continue to strengthen the shipping voice of members across Asia and establish a new platform for dialogue and involvement.
Many industries, including shipping, are facing an increasing environmental pressure to act upon the Paris Agreement. In April last year, the IMO’s Marine Environmental Protection Committee (MEPC) set out their initial strategy, which envisages the reduction of greenhouse gas (GHG) emissions by at least 50% by 2050 compared to 2008 levels. The ambition also is to reduce CO2 emissions (which account for about 82% of all GHG emissions) by at least 40% by 2030, pursuing efforts towards 70% by 2050 from the 2008 baseline. The weekly tanker market report by Gibson Shipbrokers.
The shipping industry is estimated to be responsible for around 3% of annual greenhouse gas emissions. Work towards decarbonisation is underway and the challenge is immense. Finding solutions – from fuels to technology – to facilitate one of the biggest transitions ever faced by the maritime industry must be a priority. There is lots being done and there is still so much more to do. There is no turning back.
BIMCO welcomes the development of IMO guidelines on safe operation of on-shore power supply service in port (cold ironing), but believes caution must be taken when considering cold ironing to be a sustainable technical solution.
On 8 November, BIMCO is launching a new film, “No Turning Back”, the third in a series of films aimed at raising awareness about the shipping industry.
The UN Ocean Conference sets the tone for understanding international priorities for ocean protection, a barometer of feeling towards industry and environmental priorities, and how shipping fits within the global context. From highlighting the BIMCO position on underwater radiated noise and conveying the need for harmonised regulation based on sound science – through to demonstrating the work being undertaken to address the plastic footprint of shipping we are committed to representing our members on the international stage.
Between 1996 and 2021, the lowest half-yearly tanker contracting volume was 3.0m DWT, recorded in the first half of 1999. Despite improved freight rates and a more positive market outlook, the first six months of 2022 ended with barely more than half that volume: only 1.6m DWT was contracted. Consequently, the order book to fleet ratio has fallen to 5.1% for both crude and product tankers, a ratio which is also the lowest since 1996.
The product tanker orderbook to fleet ratio has surged from 5.4% in December 2022 to 9.3% in June 2023, driven by a remarkable 337% y/y rise in contracting during the first half of this year. A spike in freight rates and product tanker demand is likely behind the surge in contracting.
This clause is one from a suite of three clauses developed by the subcommittee for the voyage charter party context. The objective was to provide industry stakeholders with the flexibility to choose a procedure suitable for their specific trade and business. You should consider whether this Emission Scheme Surcharge Clause for Voyage Charter Parties 2023 is the one best suited to your specific circumstances or whether the ETS - Emission Scheme Freight Clause for Voyage Charter Parties 2023 or ETS - Emission Scheme Transfer of Allowances Clause for Voyage Charter Parties 2023 would be more appropriate. As the title suggests, this ETS – Emission Scheme Surcharge Clause for Voyage Charter Parties 2023 deals with all costs arising from the surrender of emission allowances for the voyage by the payment of an Emission Scheme Surcharge to the owners. The basis of the clause is that the voyage charterer will be the one effectively paying the owner for the emission allowances required for the voyage. The owners then remain responsible for surrendering the appropriate number of emission allowances in accordance with the applicable Emission Scheme.
