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A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.
Capesize: At the beginning of the week, the Pacific market showed promising activity with healthy cargo volumes.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Christopher specialises in all aspects of marine litigation and arbitration, commercial litigation and international trade disputes. He is renowned throughout South East Asia for his admiralty capability and his practice covers all aspects of shipping disputes to include collisions, salvage, charterparty disputes, bills of lading, cargo claims, tug and tow disputes, stevedore damage claims, personal injuries/fatal accident claims, insurance coverage issues and P&I insurance matters generally. Christopher is recommended as a key member of the Shipping team in the Asia-Pacific 2019 editions of Chambers and Legal 500. In particular, Chambers 2018 mentioned that clients appreciate his "prompt attendance to matters and situations," noting that "his efficiency in providing advice or strategies is effective in shedding light on the next step." Christopher is qualified in England and Wales and Hong Kong.
Capesize: The week started positively for the capes, especially in the Pacific, where rates saw a slight increase.
Capesize: The Capesize market is in need of a large cargo injection to rally rates in the run-up to the end of the year. Activity levels showed small pockets of strength, yet fixing values have continued to decline throughout the week.
Capesize: The Capesize sector spent the week trundling along the market floor as the last few day’s brief revival of rates was quickly wiped out, returning the 5TC back to $5-6k OPEX levels. On a more positive note, the Atlantic basin has begun to see a little more fixture activity with both Transatlantic and Fronthaul from Eastern Canada trades being heard.
Capesize: The Capesize market continued to soften this week leaving little ambiguity about the state of the market as the 5TC posted at a low of $6,267 on Friday. While the Pacific rates have already been bottoming out in recent times, the Atlantic trade routes were the movers this week shedding value as hopes of a trend-bucking rally diminish.
Capesize: A mixed week for the Capesize sector, but it ended on a positive note.
Supramax: A week of falls across most routes led to the BSI closing at 3,348, a drop of 122 week-on-week. With Hurricane IDA the US Gulf lost momentum as cargo supply eased, whilst from South America fresh enquiry was limited. 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.
