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All the talk and rumours in the industry and in the press about ship orders being cancelled, delayed or postponed is beginning to show in the order book
In recent months, Somali pirates have repeatedly attacked and hijacked a number of merchant vessels in international waters. These incidents serve as a grim reminder of the critical importance of BMP5 (Best Management Practices to Deter Piracy and Enhance Maritime Security in the Red Sea, Gulf of Aden, Indian Ocean, and Arabian Sea) in the shipping industry.
The focus on underwater radiated noise (URN) from shipping has significantly increased over the past few years. As a result, the International Maritime Organization (IMO) has decided to raise awareness of the issue by drawing on lessons learned from the recently updated, non-mandatory IMO Guidelines. These aim to monitor the impact of URN from shipping and assess the efficacy of different mitigation solutions.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
The total orderbook for dry bulk, container and tanker ships has reached its lowest point in 17 years as COVID-19 has massively slowed contracting (-50%) while deliveries of new vessels have proved more resilient (-2%).
Focus on underwater radiated noise from shipping has grown significantly over the past few years. Consequently, the International Maritime Organization (IMO) has decided to raise awareness of the subject by issuing updated non-mandatory guidelines with the aim of monitoring the impact and thus ascertaining the efficacy of various mitigation solutions.
Seed cakes transported in containers continue to provide a risk in terms of causing container fires onboard and BIMCO urges the use of joint-industry guidelines to BIMCO members to improve safety for ship and crew.
Sale and leaseback transactions have seen a substantial increase in recent years as an alternative method of ship financing, and BIMCO has adopted a new term sheet which will facilitate the negotiation of sale and leaseback deals and make the process cheaper for parties involved.
As the COVID-19 pandemic continues, some ships are experiencing operational challenges, such as shipyards or dry docks closing down. In addition, surveys and audits can in some cases not be conducted because surveyors are unable to attend the ships due to travel restrictions or quarantines.
