- Tanker shipping: a tough year ahead as virus mutations and slow vaccine rollout hampers recovery
- Container shipping: continued disruption will ensure carrier profitability well into 2021
- Dry bulk shipping: strong start to year ends as slow recovery awaits
- Macroeconomics: shipping enjoys a higher trade multiplier as 2021 promises a slow recovery
Latest News
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BIMCO COVID 19 weekly report
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 26 February 2021
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Preparing your account to KPI cost categories
A core benefit of the BIMCO Shipping-KPI system is the option to compare expense and performance at ship level. Presently, the system only allows for internal benchmarking but once a critical mass has been reached, the Shipping-KPI will facilitate external expense benchmarking
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IMO and WISTA seek input to women in maritime survey
The International Maritime Organization (IMO) and Women's International Shipping & Trading Association (WISTA) are asking companies to help them obtain baseline data on the number of women in maritime and oceans fields and the positions they occupy.
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BIMCO COVID 19 weekly report
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 19 February 2021
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BIMCO adds new ice region reports and provides winter navigation advice
This year, BIMCO has expanded its ice reporting to cover the Northern Chinese, Japanese and Greenland sea areas, and can advise on contractual issues related to ice clauses.
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Who is responsible for the cargo when force majeure is declared?
The development of a new BIMCO Force Majeure Clause is progressing and continued last week as the subcommittee met to draft a bolt-on provision relating to situations when cargo has been loaded onto the ship and a party declares force majeure.
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New BIMCO clause encourages bulk sector to embrace just in time arrival concept
In a bid to encourage wider adoption of just in time (JIT) arrival principles in the bulk sector, BIMCO has published a new clause for voyage charter parties to promote more efficient shipping procedures and as a result, help reduce CO2 emissions.
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BIMCO COVID 19 weekly report
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 12 February 2021
Latest market analysis
Latest market reports
- China’s flight recovery in U-turn with 7,667 daily flights in mid-February
- Containership report February 2021
- Demolition report dated 19 February 2021
- Dry cargo market report dated 19 February 2021
- Newbuilding report dated 23 February 2021
- Sale & purchase report dated 23 February 2021
- Tanker market report dated 19 February 2021
Latest press releases
Latest news by topic
Priority news
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The International Maritime Organization (IMO) and Women's International Shipping & Trading Association (WISTA) are asking companies to help them obtain baseline data on the number of women in maritime and oceans fields and the positions they occupy.
Shipping industry takes new step to protect marine environments
Cleaning a ship’s submerged parts from barnacles and other growths, while the ship is in the water, can transfer invasive species to local marine environments unless it is properly cleaned and the debris is captured. To combat this problem, and to provide clarity and quality assurance to shipowners, ports and government authorities, BIMCO and the International Chamber of Shipping (ICS) have published the first industry standard on in-water cleaning of ships.
BIMCO push for more cross-industry collaboration
BIMCO has joined the Neptune Declaration on Seafarer Well-being and Crew Change, and was encouraged to see the first publication from the Together in Safety initiative. The initiatives signal the need for increased collaboration in the face of great challenges.
BIMCO adopts new tug, barge and “floating hotel” contracts
BIMCO has extended its library of offshore industry standard contracts with the adoption of ASVTIME – a time charter party for accommodation support vessels. Updates of BIMCO’s ocean towage agreements – TOWCON and TOWHIRE – have also been adopted along with a new edition of its charter party for hiring unmanned barges – BARGEHIRE.
Contracts & clauses
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This year, BIMCO has expanded its ice reporting to cover the Northern Chinese, Japanese and Greenland sea areas, and can advise on contractual issues related to ice clauses.
Who is responsible for the cargo when force majeure is declared?
The development of a new BIMCO Force Majeure Clause is progressing and continued last week as the subcommittee met to draft a bolt-on provision relating to situations when cargo has been loaded onto the ship and a party declares force majeure.
New BIMCO clause encourages bulk sector to embrace just in time arrival concept
In a bid to encourage wider adoption of just in time (JIT) arrival principles in the bulk sector, BIMCO has published a new clause for voyage charter parties to promote more efficient shipping procedures and as a result, help reduce CO2 emissions.
BIMCO seeks industry help to combat fake contracts
Much of the shipping industry relies on BIMCO standard contracts. The contracts provide a familiar and secure contractual base on which parties can freely negotiate. However, the trust in the standard forms is undermined by fake copies that contain errors or even deliberately hidden changes to the wording. BIMCO wants your help to combat the industry’s often unknowing use of counterfeit copies of BIMCO forms.
Environment
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Together with a number of member states and international organisations, BIMCO has proposed that the IMO should reconsider the direction, in which the amendment of MARPOL Annex IV has taken concerning existing ships.
Shipping industry takes new step to protect marine environments
Cleaning a ship’s submerged parts from barnacles and other growths, while the ship is in the water, can transfer invasive species to local marine environments unless it is properly cleaned and the debris is captured. To combat this problem, and to provide clarity and quality assurance to shipowners, ports and government authorities, BIMCO and the International Chamber of Shipping (ICS) have published the first industry standard on in-water cleaning of ships.
Industry standard on in-water cleaning with capture
The Industry standard is one of two separate documents that outline performance-based requirements for in-water cleaning of a ship’s hull, propeller and niche areas with the capture of the materials that are removed during the process.
Approval procedure for in-water cleaning companies
The objective of this procedure is to set minimum requirements for approval of cleaning companies for various types of operations.
Safety
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BIMCO has joined the Neptune Declaration on Seafarer Well-being and Crew Change, and was encouraged to see the first publication from the Together in Safety initiative. The initiatives signal the need for increased collaboration in the face of great challenges.
RightShip and INTERCARGO announce important new quality standard for dry bulk sector to be governed by new NGO
RightShip and INTERCARGO have today announced the launch of an important new quality standard for the dry bulk sector, DryBMS. The standard will be governed by a new NGO to be established later this year and will support the improvement of safety in the dry bulk segment.
IMO dedicates Human Rights’ Day to seafarers
In recognition of the extraordinary effort performed by seafarers during 2020, IMO is dedicating Human Rights’ Day 10 December to the distressed seafarers that keep the world’s trade afloat.
Crew changes and abandonment top busy IMO Legal Committee agenda
The Legal Committee of the International Maritime Organization (IMO) has agreed on a new item for its future work programme relating to fair treatment of seafarers detained on suspicion of committing maritime crimes. At the Committee’s meeting on 27 November and 1-2 December, it also agreed on the development of guidelines for flag and port state authorities regarding how to deal with seafarer abandonment cases.
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
Weekly piracy reports and analysis
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
BIMCO to develop standard contract for Security Escort Vessel employment
Building on the success of its widely used GUARDCON contract for the employment of security guards on ships, BIMCO is to develop a new standard contract for hiring the services of security escort vessels (SEV).
Weekly piracy reports and analysis
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO).
BIMCO provides the following update for this week ending Friday, 26 February 2021
BIMCO COVID 19 weekly report
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO).
BIMCO provides the following update for this week ending Friday, 19 February 2021
BIMCO adds new ice region reports and provides winter navigation advice
This year, BIMCO has expanded its ice reporting to cover the Northern Chinese, Japanese and Greenland sea areas, and can advise on contractual issues related to ice clauses.
BIMCO COVID 19 weekly report
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO).
BIMCO provides the following update for this week ending Friday, 12 February 2021
Market analysis
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After a turbulent year, low demand looks set to plague the market in the coming months combined with too many ships fighting for too few cargoes in both the crude oil and oil product segments.
Container shipping: continued disruption will ensure carrier profitability well into 2021
After a down and up year in container volumes, the current logjams in the system and unbalanced trades will take months to resolve, allowing carriers to profit from high freight rates, and tonnage providers to enjoy lofty charter rates.
Dry bulk shipping: strong start to year ends as slow recovery awaits
After an unusually strong start to the year, seasonality has caught up with the dry bulk market. Coupled with a slow recovery in global economic activity, it looks set to be another challenging year.
Macroeconomics: shipping enjoys a higher trade multiplier as 2021 promises a slow recovery
In many ways, shipping managed to dodge the worst bullet in 2020, as the nature of the crisis, its containment measures, and government stimulus around the world meant that global trade volumes were not hit as badly as global gross domestic product (GDP) or other even worse-performing sectors, such as services.
Multimedia
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The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Sale & purchase report dated 23 February 2021
Healthy activity materialized in the dry bulk secondhand market for another week.
The weekly sale and purchase report by Intermodal Research & Valuations features secondhand sales market prices for crude oil- and oil product tankers, dry bulk carriers, container ships and gas tankers. Secondhand asset values refer to Japan Blt vessels.
Newbuilding report dated 23 February 2021
In terms of recently surfacing newbuilding contracts, last week has been quieter compared to the week prior, with most interest in newbuilding vessels still being focused on the containerships sector while no activity materialized for dry bulk and crude carrier units.
The weekly newbuilding report by Intermodal Research & Valuations feature, include newbuilding prices for dry bulk-, tanker- and gas shipping segments. Additionally, recent newbuilding orders are listed by units, type, size, yard, expected delivery date and price.
Dry cargo market report dated 19 February 2021
Ultramax/Supramax: Like the larger sizes, it was a very positive week with a shortage of prompt tonnage and strong sentiment.
The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry indices.
Bunker quality alerts & prices
View whole sectionShipping KPIs
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A core benefit of the BIMCO Shipping-KPI system is the option to compare expense and performance at ship level. Presently, the system only allows for internal benchmarking but once a critical mass has been reached, the Shipping-KPI will facilitate external expense benchmarking
Generation of operational benchmarking reports available in Q2
The mechanism supporting the generation of reports has changed since version 4. The development team is currently making the necessary adjustments so full reports are once again available. This is expected in the second quarter of 2021.
New Cost Category group added
BIMCO Shipping KPI opens a new chapter with the implementation of reporting on cost categories. BIMCO has no access nor interest in these data on the user level. We encourage users to apply information for the years 2018, 2019 and 2020 and submit valuable feedback to the BIMCO Shipping KPI team
The benefit of multiple users
Signing up more than one staff member to the company account in the Shipping KPI system provides users with access to valuable company performance information. Additionally, activating several user accounts, as opposed to just one or two, greatly lowers the risk of an inactive account if the staff member, or members, using the account, leaves the company.
Maritime digitalisation
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Standardising and harmonising electronic ship/shore communication for reporting purposes is high on the agenda at the International Maritime Organization’s (IMO) virtual Facilitation Committee (FAL) meeting next week (FAL 44).
Associations call for accelerating digitalisation of maritime trade and logistics
The Covid-19 crisis has painfully demonstrated the heterogeneous landscape that currently exists across ports worldwide. With the world’s attention now focused on exiting from lockdowns and preparing for a ‘new normal’, there is an urgent need to co-operate and accelerate the pace of digitalisation, according to a number of leading maritime associations, including BIMCO.
BIMCO encourages uniform ship-port data exchange in IMO submission
BIMCO, flag administrations and port associations have submitted a proposal to the IMO Facilitation Committee to develop IMO guidelines that provide global industry standards for data and data sharing, with the aim to enhance communication and thereby efficiency during port calls.
What is BIMCO thinking about 2020?
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by. We put all the thoughts in a magazine. This year is no different, and a range of BIMCO people have written their opinions on what the new year will bring.
