The practice of charterers using oil tankers for floating storage is certainly not a new concept. What’s different with the current demand for storage is the huge number of ships being time chartered for floating storage purposes due to the collapse in oil prices, partly as a result of COVID-19. Therefore, BIMCO is receiving enquiries about “floating storage” clauses and questions about what additional wording owners should consider adding to their time charters.
Bunker fuel is a key element in the running of ships, and problems related to bunkers can massively impact daily operations. Information about bunker quality issues is of high value and BIMCO has therefore entered into a new cooperation with Veritas Petroleum Services (VPS) who publishes regular Bunker Alerts based entirely on fuel samples.
In light of the preventive measures taken by ports states, making crew change and repatriation difficult, if not impossible, many flag states and administrations are taking a pragmatic approach to statutory certificates and agreements in line with IMO circular 4204, add. 5.
The International Maritime Organization (IMO) has released guidance for cases when COVID-19 results in unforeseen delays in the delivery of newbuild bulk carriers and oil tankers originally scheduled to be delivered before 1 July 2020. The guidance is particularly relevant to shipbuilders, equipment suppliers, shipowners, surveyors and service engineers.
BIMCO is consolidating its position as the biggest shipping organisation in the world, growing its membership fleet both in absolute size and as a share of the world cargo fleet.