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As a result of a rising number of shipments of industrial raw materials such as bauxite, coal and iron ore being transported under COAs, BIMCO is working on a new standard form of contract of affreightment (COA).
Low water levels on the Rhine have remained a persistent problem for the European commodity markets since the summer, forcing many refineries and industrial plants to reduce production, and in some cases to declare force majeure. Whilst most industries would have expected and planned for such lows over the summer months, few would have expected these levels to persist, and indeed worsen as the markets move deeper into winter. Indeed, just as one might have seasonally expected levels to rise, they receded. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
The IMO has agreed to back a proposal submitted by BIMCO and fellow industry associations to have the Marine Safety Committee (MSC) take a more robust stance when it comes to expected safety implications of compliant fuel ahead of the IMO 0.50% sulphur limit coming into force on 1 January 2020.
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