To better understand how shipowners view the biofouling and in-water processes, BIMCO launched a survey in 2018, highlighting that manual collection of data is the most popular method among the companies that responded; The results of the survey were presented to the IMO.
BIMCO forecasts freight rates to face pressure after the end of the high seasonal demand in Q4, as well as the boost from the sulphur cap. The fleet growth of 6.3% in the crude oil tanker market and the 4.8% growth in the oil product fleet will also affect the supply and demand balance.
The fundamental balance in dry bulk shipping has gotten worse during 2019, with supply growth outstripping demand, and BIMCO forecasts that this will continue into 2020. Namely, after peaking in September, the fundamentals of the market have started to drag on freight rates.
A slowdown in global growth, as well as a lower trade multiplier will reduce overall demand for shipping for the rest of this year and through 2020, BIMCO reports. The World Trade Organization (WTO) has significantly lowered its forecast for trade volumes growth in 2019, putting numbers to the slowdown that is already being felt by shipping.
Asad Naqvi and Kevin Cooper are partners at MFB Solicitor discuss BIMCO’s 2020 Fuel Transition Clause for Time Charter Parties, highlighting what the shipowners and charterers should focus on amid the upcoming 2020 sulphur cap and fuel switches.
COSCO, China’s state-run shipping conglomerate has debuted a cross-industry treaty during the World Shipping Summit in Shanghai with the aim to strengthen collaboration among actors from different sectors within the industry. The first batch of companies to join the initiative are Cosco Shipping, Maersk, Evergreen, CMA CGM, Yang Ming, Seaspan, Zeebrugge Port, Shandong Port Group, China Grain Reserves, BIMCO, Chalco Logistics, Kawasaki Heavy Industries, China Mobile and China FAW.
BIMCO and the International Chamber of Shipping (ICS) have published a new cyber security guidebook as a guide for the master and officers on board ships and thereby help them prepare for a potential cyber incident. The “Cyber Security Workbook for On Board Ship Use” report highlights that amid the fast digitalization development, and the industry’s heavy reliance on technology.
BIMCO has made two proposals to the IMO, in order to pave the way for easy exchange of port logistic operational data and allow for real-time updates between ship and shore. The two proposals aim to limit the administrative burden for the shipping industry, as well as to ensure better communication between ships, ports, terminals and all other parties involved through the harmonization of the data model used.
BIMCO submitted a proposal to the IMO that aims to help curb emissions by regulating ships’ power, rather than focusing on raw speed limits, and presents a way to cut emissions based on the average performance of each ship type trading at target operational speeds for the past three years.
BIMCO’s new DISMANTLECON contract, the first global standard contract designed for the dismantling and removal of offshore structures in the energy sector, is now available. The contract aims to provide a balanced set of terms and conditions to both parties in the process.
