Tag: BIMCO

Over the past decade, the developing world economy has allowed for strong growth in shipping activities, with the demand for transport never having been higher, Peter Sand, Chief Shipping Analyst at BIMCO.

Problems related to bunkers can massively impact daily operations of ships. Information about bunker quality issues is of high value and for this reason BIMCO has entered into a new cooperation with Veritas Petroleum Services (VPS) who publishes regular Bunker Alerts.

In light of the measures taken by the whole shipping industry for the COVID-19 mitigation, affecting crew change and repatriation, BIMCO provides information, outlining the formalities to extension and exceptions to statutory certificates for ships and seafarers.

The impact of the COVID-19 pandemic on the shipping industry is obvious, not only decreasing demand growth prospects for the year across all segments, but also affecting fleet development.

As the COVID-19 pandemic worsens, geopolitics are at the centre of attention in the tanker market these days, followed by the OPEC+ negotiations which are falling apart, resulting to the crude oil tanker spot freight rates, and time charter (TC) rates have soared.

The COVID-19 pandemic has brought an unprecedented disruption to global maritime trade, and an even bigger crisis is down the road unless global coordinated action is taken. Amid a growing uncertainty, the great dilemma for governments seems to be protecting public health and maintaining trade transport at the same time.

The Italian Ports Authority sent a letter to BIMCO stating that they are fully operational and ensure that the cargo and crew members are safe. It is highlighted that ports and their regular services are fully functioning. Moreover, they inform that all restricted measures are implemented specifically to the cruise sector.

BIMCO is updating its 2020 forecast given the severe consequences COVID-19 has on the shipping industry, commenting that this crisis has exposed several unwanted vulnerabilities to supply chains as we know them today.

As the World Health Organization declared COVID-19 a pandemic, BIMCO issued posters to be used onboard ships, so that seafarers and any visitors coming onboard are made aware of the precautions to be taken in order to fight against the spread of this disease. 

BIMCO's Peter Sand is analyzing the market growth following the "Phase One" agreement between the US and China, commenting that it failed to boost volumes of the implicated goods in January. Specifically, Sands states that even before the impact of the COVID-19 crisis around the globe, the agreement still didn't manage to boost January's volumes.