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Cocaine, illegal timber, arms, cash, chemical weapons…and sea horses. Rarely are the crew, shipowner, operator or importer aware that their ships and containers are abused and used for illegal transport, and rarely is the crew on board involved.
Shipping companies are being strongly encouraged to use new ‘Transitional Measures for Shipowners Selling Ships for Recycling’ launched by a wide coalition of international shipping industry organisations.
The container ship orderbook hit a post-financial crisis low just below 2m TEU in October 2020. In the eighteen months since then, liner operators have seen record profits and a large percentage of these have been poured into newbuilding contracts.
Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January.
BIMCO has enhanced its ship finance term sheet suite by introducing SHIPLEASE, an industry first standard for ship sale and leaseback. SHIPLEASE is an indicative term sheet for use in both operating and finance leases. It has been developed mainly for second-hand ships but can be adapted to fit newbuildings.
The standard term sheet for bilateral ship financing transactions adopted by BIMCO’s Documentary Committee has now been published together with explanatory notes on IDEA. A copy of the term sheet, codenamed SHIPTERM, and explanatory notes are also available .
What’s not to like about 2021 for container shipping?
Global growth in container volumes has picked up slightly in the second quarter of the year, with growth in the first seven months reaching 1.2%, compared to the just 0.8% in the first quarter.
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