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Time chartering is a complex business. The shipowners give the time charterers substantial control over the commercial operation of the vessel in exchange for the regular payment of hire.
The outbreak from time to time of virulent diseases can have significant implications for ship owners and operators. This might include quarantine of a vessel and crew in an area where the disease is prevalent as well as the imposition of restrictions, possibly weeks or months later, in ports remote from the infected region as a precaution against the disease spreading further. The Novel Corona virus is the latest outbreak of a series of contagious disease that may impact shipping operations. In 2015 it was the Ebola virus and 10 years before that the Severe Acute Respiratory Syndrome (SARS) that caused similar concern. It is likely that equally serious strains of existing, or newly identified, diseases will occur from time to time. For this reason BIMCO has chosen to develop a set of comprehensive and clearly worded generic clauses for voyage and time charter parties that can be applied not only to the Novel Corona virus outbreak but to other similar virulent diseases that may occur in the future.
The outbreak from time to time of virulent diseases can have significant implications for ship owners and operators. This might include quarantine of a vessel and crew in an area where the disease is prevalent as well as the imposition of restrictions, possibly weeks or months later, in ports remote from the infected region as a precaution against the disease spreading further. The Novel Corona virus is the latest outbreak of a series of contagious disease that may impact shipping operations. In 2015 it was the Ebola virus and 10 years before that the Severe Acute Respiratory Syndrome (SARS) that caused similar concern. It is likely that equally serious strains of existing, or newly identified, diseases will occur from time to time. For this reason BIMCO has chosen to develop a set of comprehensive and clearly worded generic clauses for voyage and time charter parties that can be applied not only to the Novel Corona virus outbreak but to other similar virulent diseases that may occur in the future.
Members of OPEC and allies (OPEC+), agreed to a historic production cut of 9.7 million barrels of crude oil per day (m/bpd) to reduce the massive production overhang and set a price floor to limit the fall in oil prices.
The coronavirus pandemic has shutdown much of the US economy for months and even as parts of it reopen, the data is beginning to reveal the extent of the damage that has been done and a slow recovery is taking a tentative shape.
Despite lower volumes being fixed in the spot market, it is key to tracking developments in the container shipping market, as it quickly responds to the changing situation and adjustments to demand and supply.
All of the major recycling locations remain under lockdown for yet another week as the Coronavirus pandemic spreads across the globe. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
The International Maritime Employer’s Council (IMEC) and the International Transport Worker’s Federation (ITF) have set up quarantine and testing facilities in Manila to facilitate crew changes and address concerns about quarantine quality and fake COVID-19 tests.
