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For the seventh month in a row total US crude oil exports excluding china hit a new all-time high reaching 7.9 million tonnes in September.
Members of OPEC and allies (OPEC+), agreed to a historic production cut of 9.7 million barrels of crude oil per day (m/bpd) to reduce the massive production overhang and set a price floor to limit the fall in oil prices.
Geopolitics is the dominating variable in the tanker market these days. With the OPEC+ negotiations falling apart and Saudi Arabia initiating an oil price war, the crude oil tanker spot freight rates, and time charter (TC) rates have soared.
Oil product tankers earnings have skyrocketed in the first half of 2020, while the Sale and Purchase (S&P) activity of the oil product tanker market has slowed to the lowest level since 2016.
Crude oil and product tanker markets alike have faced high volatility in recent weeks and months, largely due to geopolitics and the constantly evolving situation in the global oil markets.
The 75th session of International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 75) has in November 2020 adopted amendments to MARPOL Annex VI, introducing a method for fuel oil sampling from ships' fuel oil tanks to verify the sulphur content. The new amendments will enter into force on 1 April 2022.
Amendments to MARPOL Annex VI have been adopted, introducing procedures facilitating port State control’s (PSC) sampling from fuel oil tanks to verify the sulphur content. The amendments will enter into force on 1 April 2022.
The Standard Statement of Facts (Oil and Chemical Tank Vessels) was published in 1975 and is recommended by BIMCO and FONASBA (the Federation of National Associations of Ship Brokers and Agents). The latest edition of this document is the Standard Statement of Facts (Oil and Chemical Tank Vessels) (short form), issued in 1975.
ASVTIME is a time charter party for accommodation support vessels (ASVs) engaged in the offshore oil and gas and renewables sectors. The charter party is based on SUPPLYTIME 2017 and operates on a knock for knock liability regime, which means that each party agrees to bear responsibility for and indemnify the other in respect of loss of or damage to their own property, and injury to or death of their own personnel, regardless of fault. ASVTIME incorporates several features from WINDTIME, including a contractual limitation of liability. Tailormade provisions have been introduced catering for the specificities of the ASV sector, such as provisions dealing with optional equipment, parallel operations and offshore bunkering of crew transfer vessels. The latest edition of this contract is ASVTIME, issued in 2021. Copyright in ASVTIME is held by BIMCO.
Cristan Evans is a partner at Stephenson Harwood LLP and specialises in the resolution of shipping and trade disputes. He provides practical, commercial advice with the aim of resolving the most complex disputes in an efficient and cost-effective manner. Cristan acts for shipowners, charterers, cargo interests and their insurers in disputes arising under charterparties, bills of lading and contracts of affreightment. He has acted in Court proceedings and in arbitrations conducted under the LMAA, UNCITRAL, LCIA, FOSFA and GAFTA rules. An experienced commodities lawyer, Cristan also acts in sale contract disputes for buyers and sellers involving commodities such as petroleum products, coal, vegetable oils/oil seeds and biofuels.
