The shipping sector is taking firm political action to combat piracy in the Gulf of Guinea with a joint declaration that serves to step up the fight against pirate attacks. More than 300 maritime companies and organizations have signed the declaration.
The demand for oil is low as a result of the Covid-19 crisis, and so are the freight rates for oil tankers. This spring, rates were up to four times lower than in the first five months of 2020, according to an analysis from Bimco. IEA expects demand to normalize in 2023.
In the spring, an unusually lucrative container market resulted in a record inflow of orders for new container capacity at shipyards in Asia. Orders were 60 percent higher than the previous record from 2005, according to Bimco.
In the first four months of 2021, product tanker carriers have already sent as much tonnage for scrapping as during 2019 and 2020. If the trend continues, an 11-year-old record stands to be outdone, says Bimco.
Shipping companies and organizations are surprised to see that the Greek Shipowners' Association, in alliance with environmental NGO Transport & Environment, has become an advocate for far-reaching CO2 quotas. The timing, in particular, triggers irritation.
A shortage of EU-approved recycling yards leaves shipowners with no choice but to re-flag old European ships before sending them to be recycled, says shipping organization Bimco. The EU does not agree with that assessment.
New ship tonnage entering the dry bulk market this year reached the highest level since 2016. For one segment in particular, 2020 has been a very turbulent year, resulting in rates far below operating costs right now.
ICS, Bimco and two other major shipping associations have penned an open letter to Amazon-founder, Jeff Bezos. They want Bezos, the richest man in the world, to fight for the thousands of seafarers still stranded at sea.
Maersk Tankers CEO Christian Ingerslev explains why the first influential shipping companies call for the industry to embrace regional climate legislation. Bimco fears that this could undermine the IMO process, the organization tells ShippingWatch.
Container freight spot rates reached the highest level since 2012 last week, and the trend looks set to continue throughout the month. But the upturn has an expiration date, notes industry association Bimco.
International shipping associations such as Bimco and ICS want the EU to postpone the requirement that all ships must carry a list of hazardous materials on board from the turn of the year. The EU refuses. Danish Shipping is against blanket postponements.
Tanker has long been the sector in which most vessels have already or are slated to be equipped with a scrubber. But the container segment overtook the tanker segment on that score in early July, shows new analysis.