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Starting a trade war is bad for everyone, and shipping is right in the eye of the storm. Adding a new sanctions regime involving the US and Iran is putting another layer of stress on a shipping industry that is struggling to generate profits. Not surprisingly, the IMF’s estimate for world trade volumes was adjusted downwards for both 2018 and 2019 in July.
Though much uncertainty remains, the immediate commodity price increases and supply challenges caused by Russia’s invasion of Ukraine are likely to be felt throughout 2022. Also, recently implemented sanctions on Russia are not likely to be lifted any time soon. This may have sustained spill-over impact on the global economy.
Preventing pest container contamination was one of the many items discussed at IMO’s Maritime Safety Committee (MSC 98). Cyber risk management, autonomous ships, security and adoption of amendments to mandatory instruments were also on the agenda.
BIMCO has received comments concerning the arrival of a new breed of clauses seeking to shift risks traditionally falling within the charterers’ sphere onto the owners.
Due to the significant limitations of Arctic charting, all mariners in Arctic waters are required to plan any prospective voyages well in advance to understand their environment, and to exercise extreme caution when on the water, in order to minimise the associated high levels of risk. Caution is equally essential when navigating with Electronic Navigational Charts (ENC), as these official digital charts are based on the same limited or insufficient data as the official paper or electronic equivalent charts.
The trade war has brought increased attention to the soya bean trade between the US and China with 2019 offering conflicting narratives.
BIMCO and the International Chamber of Shipping (ICS) have published a new cyber security workbook meant to serve as a guide for the master and officers on board ships and thereby help them prepare for a potential cyber incident.
Global recovery advances but remains uneven, with two main tracks. In advanced economies, activity has tempered less than expected, but growth remains
