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Demand drivers and freight rates A recent small and short spike in oil product tankers shows just how far the tanker market still has left to go on its recovery journey.
Despite diverging pandemic paths in the world, global growth is forecast to reach 6% this year, according to the International Monetary Fund, following a 3.3% contraction last year. There are, however, still plenty of downside risks, especially as parts of the world are facing their worst coronavirus outbreaks to date and the prospect of a large part of the global population being vaccinated is still a long way off.
In response to growing concerns and increasing attacks in the region, a taskforce of stakeholders from across the shipping industry drafted the Gulf of Guinea Declaration on Suppression of Piracy.
Russia’s announcement that it will close access to the Kerch Strait which connect the Black Sea and the Sea of Azov has triggered a reaction within the London insurance market.
TOWCON is an ocean towage agreement on a lump sum basis. It is not intended for use in port towing. The latest edition of this contract is TOWCON 2021. Copyright in TOWCON 2021 is held by BIMCO.
TOWHIRE is an ocean towage agreement on a daily hire basis. It is not intended for use in port towing. The latest edition of this contract is TOWHIRE 2021. Copyright in TOWHIRE 2021 is held by BIMCO.