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The objective of the Bunker Non-Lien Clause is to provide a pre-emptive mechanism to protect owners by requiring time charterers to inform their counterparty, the seller, at the outset that bunkers ordered are being supplied for their account and that no lien can be placed over the vessel.
In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996.
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistical challenges started to emerge. Two years after the start of the war in Ukraine, sanctions on Russia are limiting the country’s ability to export coal.
Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January.
The Just in Time Arrival Clause 2021 is for use in voyage charter parties where owners and charterers have agreed to operate a just in time arrival scheme that permits charterers to ask owners to optimise the speed of the ship to arrive at a destination at an agreed time. The clause takes a generic approach so that it can also form part of different vessel and port management schemes around the world. It may also be used together with the BIMCO Port Call Data Exchange Clause 2021 which has been designed to encourage wider application and use of the IMO data model framework for the harmonised exchange of ship/port information.
Time Charters Masterclass Online is a series of 10 online sessions delivered over 5 days. Each day will run for 120 minutes with a short break in between and will cover essential time chartering issues.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
China’s property market is estimated to account for approximately 35% of the country’s steel demand. It is an important driver for economic growth and raw materials like iron ore, coking coal, wood, and cement. Overall, the Chinese economy is a significant driver of dry bulk and more than 35% of dry bulk volumes are destined for China.
In March 2023 China’s economic recovery caused a pick-up in capesize freight rates and in sale and purchase activity for this ship type. As a result, five-year-old second-hand prices rallied 22% m/m, reaching USD 54 million by the end of the month.
So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019.
