In the video, Mr Peter Sand, BIMCO’s Chief Shipping Analyst, provides an extensive insight on the latest market conditions for shipping: Dry bulk has recently seen an improved market except the iron ore segment, container shipping is a little bit ‘disappointing’, while tanker shipping is extremely bad market right now.
The long list of tariffs that the US and China have established, have affected negatively global trade. Namely, 85.3% of Chinese seaborne imports from the US and 58.5% of US seaborne imports from China could become affected by the trade war, if the US and China implement a further USD 200 and USD 60 billion worth of tariffs on goods.
BIMCO has recently issued a digital bulletin focusing on the challenges ahead for the compliance with the 0.5% suplhur cap in less than 18 months. The Association highlights that there are still many contractual and technical issues that need to be addressed and provides updates on action taken so far.
Mr. Jakob P. Larsen, Head of Maritime Security at BIMCO, provides an overview of the status of maritime security in the piracy affected areas around the world, citing possible reasons for the escalation of piracy in the GoG. In addition, Mr. Larsen highlights that industry should not be complacent with the lower activity reported in Somalia.
Along with the technical, regulatory and financial aspects of the 2020 sulphur cap, the importance of the contractual dimension should not be overlooked. Mr. Grant Hunter from BIMCO analyzed what considerations the operators should make to avoid potential disputes in the run up and ahead the 2020 sulphur limit.
Recent reports of a rise in fuel contamination cases have increased the industry’s concerns over quality of blended fuels. From 1 January 2020, a spike in demand for new low sulphur blends will greatly increase the risk of contamination, argues Lars Robert Pedersen, Deputy Secretary General of BIMCO.
In a recent analysis, Mr. Peter Sand, BIMCO’s Chief Shipping Analyst, explainsthe latest developments of demand and supply in tanker shipping, concluding why a record poor tanker market with a growing fleet is prolonging the crisis.
The BIMCO President, Mr. Anastasios Papagiannopoulos, and ECSA President, Mr. Panos Laskarides, met in Athens recently to discuss areas of cooperation and further alignment between the two leading associations representing shipowners globally and in Europe, respectively.
Blockchain technology experts Blockchain Labs for Open Collaboration announced, through Maritime Blockchain Labs, the establishment of a consortium to address traceability and transparency in the marine fuel supply chain, bringing together LR, Precious Shipping, Bostomar, BIMCO, IBIA, and GoodFuels.
Crude oil tanker earnings have never been this bad. Earnings for Very Large Crude Carriers in the first half of 2018 were as low at USD 6,001 per day, with a Suezmax tanker earning USD 10,908 per day and an Aframax making USD 9,614 per day. In addition, the total crude oil tanker fleet has not increased at all in 2018.
