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VLCC freight rates settled down to around USD 45,000 per day in the second half of May but continue at sustainable levels that have been the norm in that market
US President Obama has issued an Executive Order with the heading “Blocking Property of Certain Persons Contributing to the Conflict in Somalia”, which could have an impact on the possibility for paying ransom under some circumstances. The situation is not clear and perhaps some ship owners will consider how to address this situation before transiting the Gulf of Aden and the Somali Basin. On that background, we hereby include an updated version of our calculations regarding the cost part of the decision to go round the Cape of the Good Hope.
The ending of the monsoon has focused increased attention on the piracy issue and thus also the costs of piracy.
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GUARDCON is an agreement for the hire of the services of private maritime security guards on ships – either armed or unarmed. The latest edition of this contract is GUARDCON, issued in 2012. Copyright in GUARDCON is held by BIMCO.