When two of the world’s top trading partners, get entangled in a stand-off, where the outbreak of a trade war could become the extended tool of intense negotiations, we’d better prepare for what may come. While hoping that it will never take place. (BIMCO) - The US is China’s largest trading partner measured by value – and China is the largest one-country trading partner … [Read more...]
New General Agency Agreement Aims to Reduce Shipping Disputes
By Mike Wackett (The Loadstar) - A new draft standard general agency agreement, covering a comprehensive list of functions contracted between shipowners and operators and ship agency firms, has been launched. Created by the international shipping association, BIMCO, and FONASBA, the organisation representing shipbrokers and ship agents around the world, it has been … [Read more...]
BIMCO: Record High Crude Oil Tanker Deliveries Add Instant Freight Rate Pressure
January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth. (BIMCO) - On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017(according to preliminary data from VesselsValue.com). January 2017 accounts for 22% of the crude … [Read more...]
BIMCO: Shipping Industry Has Work Cut Out for Itself in 2017
(BIMCO) - The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to … [Read more...]
BIMCO: Update on Dry Bulk’s Road to Recovery
(BIMCO) - Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the dry bulk sector must do to return to profitability was, and still is: “Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market”. As promised, BIMCO will monitor and report back to the dry bulk … [Read more...]