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The fourth edition of the industry cyber risk management guidelines, Guidelines on Cyber Security Onboard Ships is now available and lays the foundation for further improvements and refinement of companies’ cyber security risk assessments.
The effects of rising barriers to trade, capital flowing out of emerging market economies, and the elevated geopolitical risk are now clear to everyone.
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.
Starting a trade war is bad for everyone, and shipping is right in the eye of the storm. Adding a new sanctions regime involving the US and Iran is putting another layer of stress on a shipping industry that is struggling to generate profits. Not surprisingly, the IMF’s estimate for world trade volumes was adjusted downwards for both 2018 and 2019 in July.
BIMCO has received comments concerning the arrival of a new breed of clauses seeking to shift risks traditionally falling within the charterers’ sphere onto the owners.