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Persian Gulf: War risks revisited

21 June 2019

As a result of increasing tension in the Persian Gulf area following recent attacks on two tankers, War Risk underwriters are charging additional premiums (AP) for calls to the Arabian Gulf/Gulf of Oman. Some underwriters are charging a flat rate for all tonnage operating in the area, while others are differentiating based on the type of tonnage, flag and port of call. AP is typically charged as a percentage of the hull value. Underwriters day top value is at present 1%.

BIMCO issues update on Persian Gulf tensions and sanctions clauses

21 January 2020

After the killing of General Qassem Soleimani by a US drone in early January 2020, and the following retaliation by Iran, BIMCO is publishing its view of the escalated tension in the Persian Gulf, as well as advice regarding the new sanctions clauses, and encourages owners, operators and charterers to follow the operational and contractual guidance set out in this article.

BIMCO seminar seeks to boost international security discussions

28 September 2018

Efforts to reduce piracy in Gulf of Guinea have so far had little effect. The world’s biggest economies are strengthening their military presence in Southeast Asia, and meanwhile, the security situation in the Red Sea off Yemen remain volatile. On 9 October BIMCO will shed light on the international security situation to raise awareness and stimulate discussions.

Tanker Shipping - Low demand growth and an ever increasing fleet impact the market conditions negatively

16 August 2012

Overall annual oil demand growth in 2012 is now expected to come in at 0.9% by the IEA (+800,000 barrels per day), close to last year’s 0.8%, which was a 10-year low (excluding the contracting years of 2008/2009). The rise is exclusively originating from non-OECD countries. The outlook was modestly curtailed by early July on the back of the weaker global economic situation. This translates into a rather slim fundamental support to the tanker segment, but fortunately tanker shipping is so much more than overall oil demand.

Tanker Shipping - Recent positive development spurs optimism amongst crude tanker owners as VLCC earnings remain comfortable

11 April 2012

The positive demand picture that was firming freight rates on benchmark routes in all crude tanker segments towards the end of 2011 and the first two months of 2012 is still hanging around. Almost the same – that is, as Aframax tanker have seen earnings on the benchmark route in the North Sea drop during February to touch the ground before taking rates to currently USD 10,500 per day.