BIMCO has published its Reflections 2013, a concise, condensed and thought-provoking analysis of the challenges facing the shipping industry, today and during the coming year. Shipping is a key facilitator of world trade, and the performance of this essential sector is completely interdependent with those of the global economy.
At a time when shipping is confronted and challenged in many ways, survival through innovation is what industry leaders will be discussing at BIMCO’s AGM and Perspectives in Shipping Conference in Singapore April 2012The shipping industry finds itself at a junction, where the market situation in practically all segments is particularly challenging, where the financial markets are indeed very volatile and unpredictable and where the recovery from the financial crisis that started in the second half of 2008 is very weak and fragile.
Spare a thought for the shipyards. Amid all the hand-wringing and soul-searching by ship owners bemoaning their terrible lot, there have been fewer analyses of the prospects for shipyards, or indeed their performance in recent years.Such a task has been completed by Paul Millbank of Steel Business Briefing in an Insight Paper which makes for interesting, if fairly depressing, reading. SBB examines the issue from the point of view of impact on the steel industry and given its findings, there is limited cheer for either buyers or suppliers.
A new standard clause to deal with removal of marine growth caused by vessels lying idle over a prolonged period is currently being developed by BIMCO. The aim is to draft a clause that makes a fair apportionment of costs and responsibilities in the event a vessel spends a disproportionate amount of time idle while awaiting charterers’ orders.Over the past years vessels have been prone to encounter longer periods of inactivity, partly as a consequence of a decrease in goods to be transported as well as the current over-supply of trading vessels.
BIMCO issues updated EEDI Calculator after the international meeting of the Working Group for Energy Efficiency under MEPC (EE-WG 2).Of immediate importance is a decision of the working group to remove the ambiguity on calculating a Required EEDI for a Container ship as we have previously pointed out.
BIMCO has published its Reflections 2012, which examines critical issues facing the shipping industry now and in the coming year. This concise but thought-provoking annual analysis of the world in which shipping operates considers the challenges facing one of the world’s most essential industries and its principal sectors.