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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.
The HYDROBILL bill of lading was developed to be used for shipments under the HYDROCHARTER. The latest edition of this bill of lading is HYDROBILL 2017.
Leading London law chambers gives “top marks to BIMCO” at seminar on new edition of SUPPLYTIME offshore support vessel charter party.
The HYDROCHARTER is a voyage charter party developed for Norsk Hydro. It is accompanied by its own bill of lading, the HYDROBILL. The latest edition of this charter party is HYDROCHARTER 2017.
SUPPLYTIME is a time charter party for offshore support vessels. It 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. The latest edition of this contract is SUPPLYTIME 2017. Copyright in SUPPLYTIME 2017 is held by BIMCO.
A new Concentrated Inspection Campaign (CIC) to check on safety of navigation, including Electronic Chart Display Information Systems (ECDIS) will be conducted jointly by Paris and Tokyo MoUs. Paris MoU issues new White, Grey and Black lists issued effective from 1 July 2017.
BIMCO has published a new edition of BARECON, the industry’s go-to standard contract for bareboat chartering.
In 2019, global oil demand is forecast to pass the symbolic 100 million barrels per day threshold (International Energy Agency). Developing countries account for almost all of the growth and Asia dominate. BIMCO stated in its forecast for 2017 , that the tanker demand growth for 2017 is expected to come predominantly from the greater Asia region, led by China. China has met expectations by ramping up its import of seaborne crude oil by 13% for the first nine months of 2017 compared to the same period last year. As China is importing crude oil from further afield in 2017 than in 2016, the tonne miles generated has surged 18%.
January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth.
BIMCO has published a new edition of BARECON, the industry’s go-to standard contract for bareboat chartering.
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