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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.
BIMCO has been busy updating BARGEHIRE 2008 and the project is close to completion. But before we finalise and publish the new edition in March, we would like to hear the views of barge owners, operators and charterers. Your comments and views received by 13 January 2021 will help shape a successful new BARGEHIRE. You can get a copy of the consultation draft from this news piece or by contacting contracts@bimco.org.
Record-breaking GDP drops seen in the second quarter of the year have been replaced by record-breaking growth rates in the third. Despite this, the major economies of the world have still not returned to pre-pandemic levels, except China.
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil production and demand sets in across the globe.
No V-shaped recovery in sight after the large-scale shutdown of economic activity and the virus posing a risk to globalisation.
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.
