BIMCO's position has been approved by the BIMCO Board of Directors.
Around 90% of global trade by volume (more than 10 billion tonnes of cargo valued at over $20 trillion) is transported by sea. Shipping is crucial for global trade and the wider blue economy. International maritime regulations are vital for the smooth, operation of the shipping industry, which operates globally across borders and between different regions.
International regulations govern maritime transport on aspects including safety and security, environment protection, liability and compensation as well as standards of training and watchkeeping. Their effective application depends on swift and widespread ratification and uniform implementation by states.The lack of regulation at international level creates a risk of unilateralism. Unilateral regulations may also occur as a result of lack of widespread ratifications. A global framework is key to avoiding regulatory uncertainty.
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
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