Tag: BIMCO

BIMCO's Chief Shipping Analyst, Peter Sand, talks about the recently published analysis of the dry bulk market - the "Road to Recovery" in an interview at BIMCO House. According to Sand, effective action by the dry bulk sector towards recovery needs to be taken by everyone in the sector.

BIMCO President, Philippe Louis-Dreyfus, ahead of Posidonia 2016 as BIMCO has released a new market analysis – “The Road to Recovery” – on what the dry bulk sector must do to return to profitability.

According to the latest Manpower report, the global supply of seafarers in 2015 was estimated at 1,647,500 of which about 774,000 are officers and 873,500 are ratings. Encouragingly, the worldwide supply of officers is estimated to have increased by 24% since 2010, with the supply of ratings increasing too.

The recently published BIMCO/ICS Manpower Report has given the maritime industry warning that the global shortage of deck and engineer officers is set to grow over the next decade, with research estimating the current shortfall in seafarer officer numbers as 16,500 rising to 92,000 by 2020.

BIMCO and ICS have jointly launched the latest five-year BIMCO/ICS Manpower Report which forecasts a serious future shortage in the supply of seafarers. The report identifies a current shortfall of about 16,500 officers (2.1%) and a need for an additional 147,500 officers by 2025 to service the world merchant fleet.

BIMCO believes that the unfair treatment of seafarers poses a threat to the future sustainability of merchant shipping, primarily due to the damaging effect to the image of the shipping industry and its ability to attract and retain qualified seafarers and promotes the fair treatment of seafarers in all respects

BIMCO’s Documentary Committee agreed that all new and revised BIMCO charter parties and bills of lading will now refer to general average being adjusted in accordance with the new York-Antwerp Rules (YAR) 2016.

Acording to BIMCO, the tanker market acknowledges that changes during 2016 to the freight market fundamentals may result in lower earnings going forward.Although,the tanker market may be the only shipping market that is profitable for the time being no matter the sign of weakness that it faces.

On 12 April 2016, the International Monetary Fund (IMF) released its updated World Economic Outlook stating that future economic prospects are now so poor that an immediate, proactive response is called for.

BIMCO receives regular reports from members around the world about cargo fraud. This week alone BIMCO had two reports of cargoes being almost fixed by fraudsters seeking to trick owners to remit advance payments to accounts controlled by them.