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BIMCO, the world’s largest shipping association, has moved a step closer to finishing a global set of guidelines needed to protect the marine environment from invasive species and reduce CO2 emissions. Currently, there is no common global standard for cleaning ships’ hulls to avoid transferring invasive aquatic species, nor for the potentially damaging debris washed off in the process.
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.
In January 2021, BIMCO will be inviting the industry to view and offer feedback on the new Ship Sale Agreement in the pipeline. The new form is on track for publication in 2021.
Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years. A combination of strong demand following a series of market shocks and low orderbooks have kept older ships operating for longer than usual.
BIMCO has published two clauses that take a balanced approach to termination risk following ship arrest, in response to cases seen in recent years when some dry cargo charterers have tightened procedures to arrest under a charter party.
The Maritime Anti-Corruption Network (MACN) has launched an anonymous Port Integrity Survey to assess the impact of MACN’s efforts in Nigeria and to better understand the evolving situation in Nigerian ports and terminals.
In 2023, 2.3 million TEU of container ship capacity was delivered, beating the former all-time high by 37%. Year-to-date another record has been set as more than 1 million TEU has already been delivered during the first four months of the year, an increase of nearly 80% compared to the previous record.