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BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.
BIMCO and partners have submitted a paper to the International Maritime Organization (IMO), proposing ways to secure a uniform and more accurate way of interpreting results, when measuring the level of sulphur in fuel oil.
Low demand growth will continue into 2020, with carriers struggling to increase freight rates enough to cover the additional costs of the IMO 2020 sulphur cap compliance. Fleet growth is lower then last year, but still too high compared to demand growth.
Containerships with a collective cargo carrying capacity of 5.3m TEU are now fitted with an exhaust gas cleaning system (scrubber) to remove sulphur oxides (SOx) from the exhaust gasses generated by the combustion processes in marine engines and thereby comply with the IMO 2020 global sulphur regulation which came into force on 1 January 2020.
Michelle Linderman and Dj Wolff, Partners at Crowell & Moring who focus on Russia-related sanctions, will talk about the price cap on Russian oil exports, whereby the G7, along with the European Union and Australia, have agreed to implement a price cap on Russian oil and oil products in order to reduce Russia’s revenues which are funding its war efforts in Ukraine while seeking to ensure energy security. The price cap is designed to allow companies to provide shipment and insurance of Russian oil and oil products provided that the purchase price is below the agreed price cap, but how has it begun to work in practice, and what are the practical issues being experienced by the different actors in the supply chain?
The International Maritime Organization (IMO) will be discussing changes to the MARPOL Annex VI regulations on how Port State Control (PSC) can draw fuel oil samples on board, when meeting at the 75 session of the Marine Environment Protection Committee (MEPC 75) on 16 to 20 November 2020. Some of the new suggestions are a cause for concern, BIMCO believes.
BIMCO has started work to draft an industry standard clause for the Russian Oil Cap Scheme.
Chinese regulators have tightened its domestic emission control area regulation (DECA) which came into force on 1 January 2019.
