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The Maritime Safety Committee 103 meeting (MSC 103) of the International Maritime Organization (IMO) was held 5 to 14 May 2021. Several important decisions were made that will affect shipowners directly. These include upcoming changes to fire safety systems on board to help prevent fires, as well as changes to the search and rescue manuals on board ships.
The Maritime Safety Committee 103 meeting (MSC 103) of the International Maritime Organization (IMO) was held 5 to 14 May 2021. Several important decisions were made that will affect shipowners directly. These include upcoming changes to fire safety systems on board to help prevent fires, as well as changes to the search and rescue manuals on board ships.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
In October 2020, the order book for new container ships bottomed out at 8.4% of the combined trading fleet. For ships smaller than 8,000 TEU, the order book bottomed out one month later at 3.7% of the trading fleet, and only accounted for 18.2% of the total container order book. Interest in the smaller segments, however, is bouncing back after months of hibernation.
Sale and leaseback transactions have seen a substantial increase in recent years as an alternative method of ship financing, and BIMCO has adopted a new term sheet which will facilitate the negotiation of sale and leaseback deals and make the process cheaper for parties involved.
Focus on underwater radiated noise from shipping has grown significantly over the past few years. Consequently, the International Maritime Organization (IMO) has decided to raise awareness of the subject by issuing updated non-mandatory guidelines with the aim of monitoring the impact and thus ascertaining the efficacy of various mitigation solutions.
The total orderbook for dry bulk, container and tanker ships has reached its lowest point in 17 years as COVID-19 has massively slowed contracting (-50%) while deliveries of new vessels have proved more resilient (-2%).
The International Group of P&I Clubs, International Chamber of Shipping (ICS), BIMCO and InterManager (the “international industry organisations”) draw Members’ attention to the series of recent ship detentions and crew arrests in Mexico and, in the case of the UBC Savannah, the lengthy and continuing detention in custody of the ship’s Master without any formal charges against him, following the discovery of illegal narcotics on board.
The BIMCO roundtable on safe and environmentally sound ship recycling held during London International Shipping Week highlighted the need for debunking myths around the Hong Kong Convention (HKC) and urged all stakeholders to work together to realise the convention’s potential.
Seed cakes transported in containers continue to provide a risk in terms of causing container fires onboard and BIMCO urges the use of joint-industry guidelines to BIMCO members to improve safety for ship and crew.
