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Cargo volumes in Red Sea area drop 21% due to attacks on ships

27 February 2024

During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis.

Red Sea & Gulf of Aden: using BIMCO’s VOYWAR and CONWARTIME clauses

21 December 2023

In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses: BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) and BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013). These clauses contain a broad definition of “War Risks” that include warlike operations and hostilities that do not require a declaration of war by states. However, it is of utmost importance that all parties involved have a comprehensive understanding of these clauses, ensuring they are well-informed and prepared for any potential outcomes.

Industry Releasable Threat Assessment

04 June 2018

This document provides the most recent information available affecting merchant ships in the Red Sea, Gulf of Aden, Gulf of Oman and Western Indian Ocean.

Crude oil tonne miles out of the Gulf of Guinea down 5.9% so far in 2022

22 September 2022

Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility.

Industry Releasable Threat Assessment

03 March 2020

This document provides updated information on threats affecting merchant ships in the Red Sea, Gulf of Aden (GoA), Gulf of Oman (GoO) and the Western Indian Ocean.

Additional Gulf of Guinea security advice

23 February 2018

As an additional aide to the advice promulgated on 9 February 2018, BIMCO urges all members to note the guidance and advice contained in the following security notice for ships operating in the Gulf of Guinea region.