12 September 2019
A joint project from BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) to develop a standard gas tanker voyage charter party took a big leap forward at a subcommittee meeting on 5-6 September. The aim of the project is to develop a standard form dedicated to the chartering of tankers for LPG, anhydrous ammonia and chemical gases based on the widely used tanker charter party, ASBATANKVOY.
27 May 2019
ASBATANKVOY, one of the most widely used tanker charter parties in the world, will form the basis when BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) begin to jointly develop a charter party specifically for use in the gas tanker trade.
28 April 2020
The practice of charterers using oil tankers for floating storage is certainly not a new concept. What’s different with the current demand for storage is the huge number of ships being time chartered for floating storage purposes due to the collapse in oil prices, partly as a result of COVID-19. Therefore, BIMCO is receiving enquiries about “floating storage” clauses and questions about what additional wording owners should consider adding to their time charters.
16 December 2009
Can tankers escape the doldrums and unleash cramped demand on the back of higher oil demand?
08 October 2009
Whether the phase out of single hull and non-double hulled tankers becomes massive in 2010 or at the latest stage in 2015 does not really matter to the market.
28 August 2017
The global tanker industry is directly linked to the global oil industry. Right now, demand for seaborne transport of oil is below normal and fleet growth is high, which means that the fundamental balance is uneven. The result is declining tanker earnings with the main culprit being the fast-growing fleet.
23 June 2017
BIMCO expected newbuild activity to pick up, so the recent development is not surprising. It is however not what the industries needs.
As the dry bulk -, crude oil - and oil product tanker shipping sectors are all struggling with very low freight rates, it is important that the recent development in contracting activity reflects a short-term trend.
06 November 2017
This is the highest global oil demand ever but it's also a large and growing fleet. What the tanker market needs most right now is more tankers engaged in floating storage facility.
20 April 2017
Oil tankers experienced a tough start to 2017 as freight rates for all crude oil and oil product tankers continued their decline following the brief lift at year-end. For one, VLCCs may not yet have bottomed out. By 7 April 2017, average earnings stood at USD 18,853 per day, down from USD 63,284 per day on 16 December 2016.
02 February 2017
January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth.