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The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 18 June 2021.
Floating storage is coming down on the narrowing of market contango, but persists in playing an important part in tanker demand
Demand drivers and freight rates A recent small and short spike in oil product tankers shows just how far the tanker market still has left to go on its recovery journey.