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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 shipping industry is trapped between a rock and a hard place in an already troubled market.
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.
The waters in and around the Straits of Malacca and Singapore can pose various risks to ships, one of which is conducting activities outside designated areas, if the ship is not simply transiting continuously and expeditiously.
BIMCO’s Documentary Committee has approved a revised version of the Continent Grain Charter Party, SYNACOMEX, to reflect changes in the geopolitical landscape following events including the COVID-19 pandemic and the war in Ukraine. The revised charter party now includes BIMCO’s anti-corruption clause and updated versions of the war risks and sanctions clauses.
Fairness, transparency and cooperation are the main drivers in a collaborative project by the International Salvage Union and the P&I Clubs to work with BIMCO to update industry-standard wreck removal agreements.
BIMCO held a webinar for members on 1 March about the Ukraine situation, focused on security and sanctions.
The production of cocaine in Colombia has exploded and the cartels are relying more and more on transhipment ports to keep the world supplied. In this webinar, BIMCO’s Head of Maritime Safety & Security, Jakob Larsen, is joined by experts from security advisory Control Risks and shipping giant Maersk. Homing in on Brazil, the subject matter experts will discuss latest trends and mitigating strategies.
BIMCO is developing a clause dealing with cyber security risks and incidents that might affect the ability of one of the parties to perform their contractual obligations.
