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BIMCO establishes new bunker contract

BIMCO’s Documentary Committee approved new standard bunker terms, developed by a cross-industry group, in New York on 2 May. The BIMCO Bunker Terms 2018 aim to improve the previous edition, providing a maximum limit of the parties’ liabilities, something that is considered as a key change, that will lead to wider adoption of the contract.

Leased container fleet to keep increasing, says Drewry

Container leasing continues to increase over carrier ownership and the leased fleet now has a clear majority over that owned by transport operators, according to Drewry. Leasing companies accounted for 55% of container purchases in 2017, which continues the trend seen for most of this decade.

Global LNG Capex to total $236 billion over 2018-2022

Global LNG capital expenditure (Capex) will total $236 billion over 2018-2022, which represents a 14% growth compared to the preceding five-year period, according to Westwood Global Energy. In the near-term, expenditure is expected to be subdued due to the lack of project sanctioning seen during the oil price downturn.

Netherlands ends investigation for possible cartel in the bunker sector

The Netherlands Authority for Consumers and Markets stopped its anticartel investigation in the bunker sector in the Amsterdam – Rotterdam – Antwerp triangle, as it did not find any actual cartel agreement. Although between 2011 and 2014, discussions about a price-fixing agreement were held, they did not result in an actual cartel agreement.

Baltic Exchange unveils new Code for freight market

The Baltic Exchange announced introduction of a modernised code of conduct for shipowners, charterers and shipbrokers using the physical shipping and freight derivatives markets, in line with today’s greater focus on fairness & competition, anti-bribery & corruption and benchmarking related issues than before.   

EU investigates potential tax fraud at Port of Piraeus

The European Union and Italian authorities are investigating a suspected tax fraud by Chinese criminals, who are reportedly importing goods through Greece’s largest port of Piraeus, which is considered a trade gateway between China and Europe. The European Anti-Fraud Office is also working with Italy on the investigation.

US concerned about COSCO’s acquisition of Long Beach terminal

US are reportedly concerned about a takeover by the Chinese COSCO, regarding a large container terminal in Long Beach, California. The terminal is part of COSCO’s plan to buy the shipping company Orient Overseas International. The expected acquisition of Orient Overseas Container Line is about to be completed until the end of June.

EU deals with Japan and Singapore to support ‘fair and regulated trade’

The European Commission presented trade agreements with Japan and Singapore to the Council to eventually be adopted. The European shipowners welcomed this move, noting that this was the first step towards the conclusion of these agreements, which “send a strong message to the world in support of fair and regulated trade”.

EU approves Portuguese tonnage tax and seafarer scheme

The European Commission has approved, under EU State aid rules, a Portuguese tonnage tax scheme, which, together with a scheme to support seafarers, will encourage ship registration in Europe and contribute to the competitiveness of maritime transport, while preserving employment and promoting high environmental standards.

ONE to face challenges to harness trio’s synergies, says iContainers

The start of operations of the world’s newest container shipping line, ONE, will be tested by its capability to harness synergies from the formerly-three liners it’s made up of, said online freight forwarder iContainers. By working together as a combined entity, ONE should take this opportunity to adopting the best practices of each member.

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