BIMCO and ASBA have updated ASBATANKVOY, the non-affiliated tanker form, to reflect changes in the industry since 1977. Developed with input from industry leaders, the 2025 edition includes updated provisions and arbitration venues to streamline the chartering process. The revised form aims to enhance legal certainty and reduce the need for additional rider clauses.
The BIMCO Documentary Committee has approved revisions to its War Risk Clauses to address evolving geopolitical challenges in the shipping industry. Updated versions include the VOYWAR 2025 and CONWARTIME 2025 clauses. Chairperson Nicholas Fell stressed the importance of reflecting conflicts accurately. The committee also discussed war risk insurance aspects.
The FuelEU Maritime Regulation, effective January 1, 2025, requires action from maritime stakeholders. BIMCO’s FuelEU Maritime Clause for Time Charter Parties 2024 aims to align contracts with the regulation. Ship owners must comply, with the option to delegate to third-party ship management. BIMCO’s carbon clauses portfolio supports industry decarbonization efforts.
The BIMCO FuelEU Maritime Clause for Time Charter Parties 2024 was created to help the shipping industry comply with upcoming decarbonization regulations. It allows charterers to choose compliance strategies and places responsibility on shipowners. Extensive industry consultations ensured practicality. BIMCO continues to develop clauses to support environmental obligations. Collaboration was key in creating this important clause.
BIMCO has launched the Ship Recycling Alliance to promote safe and environmentally friendly practices in the ship recycling industry. With the HKC set to take effect in 2025, the alliance aims to unite stakeholders and advocate for compliant recycling yards in major ship recycling countries.
BIMCO’s Documentary Committee has approved the AUTOSHIPMAN agreement to regulate remotely controlled ships in inland waterways and coastal trades. Captain Ajay Hazari of Anglo Eastern led the drafting team, noting the increasing commercial operation of such ships globally. Grant Hunter sees this as a significant step towards fully autonomous ships in the future.
BIMCO and ICS have joined forces to create a guide to help the shipping industry understand and reduce underwater radiated noise from ships. This guide aligns with IMO guidelines and aims to protect marine life and the environment. By implementing energy efficiency measures, the industry can lower noise levels.
Niels Rasmussen, BIMCO’s Chief Shipping Analyst, predicts a stronger year for crude and product tankers in 2024 despite weaker cargo volumes in the first half of the year. The Tanker Shipping Market Overview & Outlook for August 2024 highlights muted fleet and supply growth as key factors contributing to the predicted strengthening of the supply/demand balance.
The container shipping industry is experiencing a significant increase in fleet expansion, with strong demand for new ships despite a slight slowdown at the end of 2023. Contracts signed in 2024 have surpassed the total for the previous year, indicating a potential 44% rise in new capacity compared to 2021. Ship recycling rates and cargo volume growth will play a crucial role in determining actual fleet growth in the coming years.
The EU has updated the Schengen Borders Code to strengthen border management, including classifying seafarers as essential workers. This decision aims to improve coordination within the EU and equip member states with better tools to address challenges at external and internal borders, especially during health emergencies. The update underscores the EU’s commitment to supporting essential workers in the maritime industry.
The shipping industry saw a surge in container delivery capacity, with 1 million TEUs delivered in the first four months of 2024, an 80% increase from the previous record. This growth reflects the rapid expansion post-COVID-19, with deliveries expected to exceed 3 million TEUs for the year. BIMCO’s report highlights the impact on global container trade amid ongoing challenges in sea routes.
Ship recycling rates have hit a two-decade low, with only two million deadweight tons scrapped in the first quarter of 2024. Market shocks and strong demand have extended ship lifespans. BIMCO predicts a resurgence in recycling due to oversupply and increased tanker sector deliveries as new containers flood the market.
A group of shipping associations released safety guidelines for navigation in the Red Sea and Gulf of Aden due to attacks by Iran-backed Houthis. Vessels are advised to remain vigilant and perform risk assessments. The guidelines also caution against following Houthi instructions and the use of armed guards. Download the full instructions.
The global container ship fleet is expected to exceed 30 million TEU in 2024 for the first time in history, with the delivery of 350 new container ships last year and an expected 478 more in 2024. Chinese shipyards lead in manufacturing, and the supply-demand imbalance may worsen.
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