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Political and civil unrest, wars and other conflicts are regularly raising concerns with regard to the safety of navigation and the safety and welfare of seafarers visiting ports belonging to countries involved in such conflicts.
The subcommittee held a productive meeting at West P&I's London offices and the dedicated drafting team has successfully concluded the initial draft of the War Risks Clause for Time Chartering (CONWARTIME).
On Friday 24 February, one year will have passed since Russia’s invasion of Ukraine. During that year, dry bulk exports from Ukraine have dropped 77.8% compared to the same period a year earlier, causing a decline in global dry bulk volumes. Seaborne exports have been restricted to agricultural goods and even those have been limited.
The new BIMCO magazine the “Bulletin” is out with articles covering the effect of the US-China trade war, the 2020 sulphur limit and the challenges of ship recycling and ballast water management. “The shipping industry is taking major steps and making huge investments to be ready for (2020) compliance. It is only fair that the nation states party to Annex VI of the MARPOL Convention live up to their end of the agreement,” BIMCO’s Secretary General, Angus Frew, points out in his foreword. Also, read the latest market analysis by Peter Sand and read why now is the wrong time to do business as usual as the trade war rages on.
In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses: BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) and BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013). These clauses contain a broad definition of “War Risks” that include warlike operations and hostilities that do not require a declaration of war by states. However, it is of utmost importance that all parties involved have a comprehensive understanding of these clauses, ensuring they are well-informed and prepared for any potential outcomes.
The shipping industry is trapped between a rock and a hard place in an already troubled market.
US seaborne exports to China of the goods which China has imposed tariffs on since the start of the trade war fell by 37.6% in the first 11 months of 2019 (11M 2019) compared to the same period of 2017, the last full year unaffected by the trade war.
Free trade provides prosperity and peace. It’s a fundamental principle to cherish and safeguard. All trade-restrictive measures are in principle bad for shipping. Right now, the international atmosphere is full of threats of retaliation and it appears likely that major trading partners with the US like the EU and China will hit back to draw a line in the sand for the US Administration and President Trump.
Although the 25% tariff on Chinese imports of US soya beans was implemented on 6 July 2018, its effects have only really started to show since the start of the fourth quarter.
The last three months have seen a substantial volume of queries in relation to the pros and cons of transiting via the Gulf of Aden versus the Cape. In this episode of 15+15, Alex Kemp and Simon Maxwell , experts in war risks from HFW will briefly discuss the latest in the Red Sea, the level of the threat posed and the factors to be taken into account when deciding when to proceed and when to re-route. The main take-aways from the presentation will be: The decision of whether to re-route requires a nuanced review of the interplay between the contractual matrix and the current threat level (which is informed by a multitude of sources). A pragmatic and commercial approach (focused upon engaging with all parties to the maritime adventure) often provides the greatest chance of reaching the right conclusion, hopefully without the threat of legal-action emerging after. HFW have unparalleled experience in advising clients on recent war risks around the world including Somali Piracy, West African Piracy, the war in Ukraine, the war in Gaza, the attacks around Saudi and the more recent activities of the Houthis in the Red Sea.
