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VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between 13 June 2019 and 20 June 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz.
Update on reporting guidance for vessels transiting the Arabian Gulf, the Strait of Hormuz and Gulf of Oman. Published Sunday 21 July. Republished Monday 22 July to notify subscribers.
The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.
The sanctions landscape for the container trade has grown increasingly complex over the past decade. To provide the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade BIMCO has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.
By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices.
Members are advised of the UK MTO advisory published yesterday concerning the attack in the Red Sea.
Taking stock of the situation in the Persian Gulf, the Strait of Hormuz and the Sea of Oman, BIMCO and fellow industry associations have developed transit corridors for the consideration of Ship Masters, Owners and Operators. Use of the corridors is not mandatory, and decisions should be based on a thorough security risk assessment.
