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In a commenting paper drafted by the EU Commission, BIMCO expresses its support for mandatory reporting procedure following detection of containers lost at sea. The paper is a response from World Shipping Council, BIMCO and the EU Member States to a submission from Vanuatu.
BOXCHANGE is a standard agreement for container interchange, which is the process of moving containers on a trip basis from a location with a container surplus to a place with container shortage. All terms and conditions are mirrored for both parties as they are simultaneously suppliers and users of containers. The latest edition of this contract is BOXCHANGE 2016. Copyright in BOXCHANGE 2016 is held by BIMCO.
SERVICECON is a standard service contract whereby a shipper undertakes to transport a minimum number of containers over an agreed given period. It has been developed to provide a basis for volume carriage in liner trades worldwide. Individual shipments are subject to the contracting carrier’s own bills of lading or sea waybills which are incorporated into the SERVICECON agreement. The latest edition of this contract is SERVICECON, issued in 2014. Copyright in SERVICECON is held by BIMCO.
BOXTIME is a standard time charter party for container ships. The latest edition of this contract is BOXTIME 2004. Copyright in BOXTIME 2004 is held by BIMCO.
The low demand on the high volume trade lanes is surely increasing the pressure on earnings which is already felt in the container shipping industry.
The labour conflict that caused a widespread and highly disruptive strike and subsequent congestion in most US West Coast ports, especially for the container shipping industry ended toward the end of February.
Demand: We see that the freight rate index levels from China show that rates to Europe have been very stable around 1,800 (index value) since April with a slight negative trend over the last three weeks. Spot prices from Shanghai have been equally firm at around USD 1,900 per TEU. Meanwhile, rates for containers heading for US West Coast continue to soar. Since early April the China Containerized Freight Index for the US West Coast has gone up by 20%.
Forecast: BIMCO expects the fourth quarter to be a difficult one, with volumes going down from recent highs. This may also mean idling vessels becomes more normal again as they are removed from stings or simply temporarily abundant as volumes tighten. During the first half of 2010 the container trade has made a remarkable comeback. Rates have doubled on many routes and volumes have returned from the abyss to the benefit of many owners who have switched from red ink to black as a result of this.
In an effort to ascertain the possible far reaching consequences of the influx of new giant containerships on order
The positive stories continue to show themselves in the container shipping segment, with freight rates holding up well and demolition activity staying strong. In the light of the slowly developing demand side, it’s very positive that the industry deals with the supply side issues to improve the fundamentals.
