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The trade war continues to rage in the shade of the headline-grabbing supply chain disruptions. The tariffs are still in place and are unlikely to go anywhere despite the change of administration in the United States.
The trade war continues to rage in the shade of the headline-grabbing supply chain disruptions. The tariffs are still in place and are unlikely to go anywhere despite the change of administration in the United States.
The ongoing blockage of the Suez Canal has resulted in ships diverting south to transit around the Cape of Good Hope, potentially taking them through the High Risk Area. It is noted that whilst the threat of Somalia-based piracy is currently suppressed through a combination of military operations, application of BMP 5 and the presence of armed guards, an increase in maritime traffic through the area may present opportunities for Somali Pirate Groups to attack shipping. The consequences of not adopting effective security measures can be severe.
Nickel ore shipment from the Philippines not only suffers from risk of liquefaction but might be illegal too.
No V-shaped recovery in sight after the large-scale shutdown of economic activity and the virus posing a risk to globalisation.
Ships and shipping are vulnerable to cyber attacks so the industry joined forces and developed Guidelines on Cyber Security onboard Ships based on high-level principles
Slower global growth and faster decarbonisation – since Russia’s invasion of Ukraine, the global economy has suffered from increasing food and commodity prices leading to inflation, and increased interest rates.
The outbreak of COVID-19 and its impact on business and society is unprecedented. We are learning day by day how we must adapt to these new circumstances. Ports around the world are handling the situation in different ways and it is difficult to provide a one-size-fits-all contractual solution. What one port in one country of the world is doing, restricting or prohibiting, is not necessarily the same as a port in a neighbouring country does. BIMCO urges the industry to be pragmatic and work together to find solutions. Not every answer will be found in the contract and parties should do their best to communicate openly about the issues they face and identify compromise solutions to find a way through these difficult times. This Q&A is a list of commonly asked questions together with our answers.
A greater focus in the bunker industry on contract wording, risk assessment and “knowing your counterpart” has been a motivator for updating the BIMCO Terms bunker contract, due for release in November 2017.
