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Retail sales are a key driver of European container imports. In early 2020 and early 2021, retail sales volumes in the EU and the UK suffered setbacks due to COVID restrictions but recently, high inflation and historically low consumer confidence have been the main concerns.
The Sale & Purchase (S&P) seminar examines the mechanisms and processes behind the sale and purchase of vessels.
During the pandemic retail sales and personal savings have been increasing in tandem and supported US consumer demand for imports from the Far East. Now, retail sales appear to be receding and the question is whether the past two years’ savings will be enough to support continued high import volumes as consumer sentiment is dropping and the war in Ukraine continues.
The intention and purpose of the BIMCO Ship Sales Further Trading Clause 2023 (the “Clause”) is for the Buyers and Sellers of a Vessel to agree that the Vessel will continue to trade. This provides the Sellers with a reasonable level of protection and reduces any risk that they will be held liable for the actions of the Buyers once proprietary interest in the Vessel has passed onto the Buyers in instances where the Buyers dispose of the Vessel in contravention of any rules and regulations concerning the demolition or dismantling of Vessels.
BIMCO has produced its own ship sale and purchase agreement - SHIPSALE 22 – with the aim of making the authoring, negotiation and execution process faster and simpler, and to provide the market with a modern and comprehensive alternative to existing sale and purchase forms.
Despite falling 1.1% m/m in both November and December, US retail sales volumes remain 13% above 2019 levels and 6% higher than the pre-COVID trend. However, sales volumes could return to trend during 2023 and thereby pose a risk for Asia to North America container volumes.
In January 2021, BIMCO will be inviting the industry to view and offer feedback on the new Ship Sale Agreement in the pipeline. The new form is on track for publication in 2021.
In the first quarter of 2021 high-sulphur fuel oil (HSFO) has been the only bunker fuel to experience year-on-year growth in Singapore, the world's largest bunkering hub.
BIMCO is setting up a sounding board with the aim to engage a broad group of stakeholders in the process of drafting a sale and leaseback term sheet, as the sale and leaseback market continues to expand.
BIMCO is developing a term sheet for ship sale and leaseback transactions, SHIPLEASE, and is seeking input from industry experts on the new standard.
