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The so called 'War on Plastics' has been steadily gaining traction over the past few years, with major companies such as McDonald’s and Carlsberg, to name a few, seeking to reduce the presence of single use plastics in their businesses. The weekly tanker market report by Gibson Shipbrokers.
BIMCO's position on "marine plastic litter " has been approved by the BIMCO Board of Directors.
With effect from 1 March 2018, MARPOL Annex V and the related guidelines were amended to effect changes relating to substances that are harmful to the marine environment and form of garbage record book.
The International Maritime Organization (IMO) has adopted a resolution on an action plan which will be completed by 2025 to address marine plastic litter from ships.
The International Maritime Organization (IMO) Marine Environment Protection Committee (MEPC 72) will meet next week, where a prohibition on the carriage of non-compliant fuel oil with a sulphur content exceeding 0.50% is on the agenda.
What will the future bring? Overall demand growth is expected to be lower than in 2017, but still high enough to potentially improve the fundamental market balance.
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.
