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The peak season for containerised exports from Asia to the US is now underway with the COVID-19 pandemic and astoundingly high freight rates making it easy to forget the trade war which has now entered its third year.
The influence of American coal exports on seaborne transportation has grown significantly over the past decade. In 2002, the US exported 20.1 million tons by sea, but in 2012 that number had increased to 106.7 million tons.
What will the future bring? Overall demand growth is expected to be lower than in 2017, but still high enough to potentially improve the fundamental market balance.
Despite low freight rates, very few crude oil tankers have been sent for demolition so far this year.
Limited economic growth potential and the slow pace of recovery of the global economy is only easing the pain in the global shipping industry to some degree...