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Deputy Secretary General, Søren Larsen, is expected to relocate to Singapore in the first quarter of 2022 to facilitate BIMCO’s ambition to strengthen support to members and the wider maritime community in the region.
This year has seen an impressive surge in commodity prices. Steel prices reached multiyear highs in May and, although they have since eased back, values remain above levels seen between 2016-2020. Shipping has not been immune, with newbuild prices moving up in tandem, although intense ordering activity in some segments, most notably the container industry, and the resulting shrinking yard availability for the nearer term have also played an important role. Since December last year, tanker newbuild prices have appreciated by around 15%-25% depending on the sector. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The Maritime Labour Convention, 2006 (MLC, 2006) is an international labour convention adopted under the scope of the International Labour Organization (ILO) in February 2006 and contains a set of global standards bringing nearly all the existing maritime labour instruments together in a single reformatted Convention. BIMCO provides all the information you need to know about the MLC, 2006 in the form of a quick summary with the relevant links provided. The latest FAQ issued by the ILO in November 2020 is also included.
Standardising and harmonising electronic ship to shore communication for reporting purposes was high on the agenda at the International Maritime Organization’s (IMO) virtual Facilitation Committee (FAL) meeting held from 1-7 June 2021 (FAL 45).
The container and dry bulk shipping industries are breaking new records left, right and centre it appears, resulting in dry bulk owners enjoying unseasonably high profits, and container shipping carriers and tonnage providers delivering record high profits.
The digital magazine containing all the best comment, analysis and information digests from BIMCO.
Demand drivers and freight rates The first four months of 2021 have been record-breaking in volume terms, with demand reaching 1.69 billion tonnes – the highest-ever start to a year. Volumes are up 6.1% compared with the same period in 2020, and only slightly down from the 1.72 billion tonnes in the final four months of 2020.
Despite diverging pandemic paths in the world, global growth is forecast to reach 6% this year, according to the International Monetary Fund, following a 3.3% contraction last year. There are, however, still plenty of downside risks, especially as parts of the world are facing their worst coronavirus outbreaks to date and the prospect of a large part of the global population being vaccinated is still a long way off.
BIMCO, the world’s largest shipping association, has elected Sabrina Chao of Wah Kwong Shipping Holdings Limited as President at the organisation’s online general meeting on Thursday 20 May 2021.
Tonne mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020.
