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The different types of training at BIMCO Choose the way you want to learn about commercial shipping and maritime law.
When two of the world’s top trading partners, get entangled in a stand-off, where the outbreak of a trade war could become the extended tool of intense negotiations, we’d better prepare for what may come. While hoping that it will never take place.
This analysis explains the recent history, updates you on the current state and displays future changes for crude oil tankers.
The 81st meeting of the IMO’s Marine Environmental Protection Committee (MEPC) made some progress on issues of significant importance to BIMCO members – including on mid-term measures for reducing greenhouse gas emissions, the legal uncertainty regarding ship recycling and underwater radiated noise. Additionally, the Committee adopted a number of amendments to Conventions, approved a number of circulars and made significant progress on ballast water management issues.
Demurrage forms an integrated part of the laytime provisions in voyage charter parties operating with fixed laytime. Just as voyage freight, the amount of demurrage negotiated reflects the current market conditions and not necessarily the daily cost of the vessel. This means that it is just as important to negotiate the applicable demurrage rate as skilfully as it is to negotiate the rate of freight. Demurrage constitutes the compensation to which the owners are entitled, if the charterers fail to load or discharge the ship within laytime allowed. However, different jurisdictions construe demurrage differently.
By 1 January 2024, the single window for data exchange is to become mandatory in ports around the world, marking a significant step in the acceleration of digitalisation in shipping.
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.
The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach.
The results of the survey of members of the respective organisations of the Future International Trade (FIT) Alliance, including BIMCO, show that an overwhelming majority (86%) believe that electronic bills of lading are the key to unlocking the digital transformation of global trade and shipping.
