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BIMCO, the world’s largest shipping association, has moved a step closer to finishing a global set of guidelines needed to protect the marine environment from invasive species and reduce CO2 emissions. Currently, there is no common global standard for cleaning ships’ hulls to avoid transferring invasive aquatic species, nor for the potentially damaging debris washed off in the process.
In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016.
World Health Organization (WHO) issues interim guidance on operational considerations for managing coronavirus outbreak on board ships.
The waters in and around the Straits of Malacca and Singapore can pose various risks to ships, one of which is conducting activities outside designated areas, if the ship is not simply transiting continuously and expeditiously.
Despite increased demolition of Capesize ships, the size of the fleet is set to grow substantially.
In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.
IMO decides that by 2040, the world fleet must have reduced its total GHG emissions by more than 70% compared to 2008.
A report commissioned by BIMCO shows that while the EU list of approved ship recycling facilities continues to grow, new additions have not added significant capacity to meet the demands of the global shipping industry. Therefore, BIMCO believes focus must shift towards adding facilities outside of the EU. The report also shows that the EU audit system works as intended for non-EU recycling facilities.
The California State Lands Commission (CSLC) approved regulations that increased the fee paid by vessels with a qualifying voyage arrival at a California port. The fee was increased from $850 to $1,000. The Board of Equalization will begin collecting the increased fee on or after 1st April 2017. The Marine Invasive Species Act requires ships over 300 GRT and carrying or capable of carrying ballast water that arrive at a California port to submit a US Coast Guard Ballast Water Management Report to the CSLC.
Container ships have reached their highest average age yet at 14.2 years, the highest average age of the three main shipping sectors. The dry bulk fleet has an average age of 11.9 years whereas tankers on average are 12.8 years old.
