Voyage charters are not regulated by compulsory international conventions. This course highlights problem areas, presents ways for parties to allocate risks and gives an overview of the relevant legal principles.
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.
By examining our fleet-growth estimate alone, 2019 looks like a year in which the fundamental balance can only improve. But the trade war remains the wild card here.
A new standard Cyber Security Clause requiring the parties to implement cyber security procedures and systems to help reduce the risk of an incident, is now available from the BIMCO website.
To facilitate crew changes in a safe manner and against COVID-19 risks, Singapore revises crew change requirements and sets up Crew Facilitation centre from 1st September 2020.
Following years of disruption to US soya bean exports due to the US-China trade war, the first seven weeks of the 2020/2021 marketing year, which runs from 1 September to 31 August, have seen the strongest exports ever.
Despite falling 1.1% m/m in both November and December, US retail sales volumes remain 13% above 2019 levels and 6% higher than the pre-COVID trend. However, sales volumes could return to trend during 2023 and thereby pose a risk for Asia to North America container volumes.
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