In the Supply/demand balance For crude tankers, BIMCO forecasts the supply/demand balance will tighten further during both 2024 and 2025. Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the…
During the first 8 months of 2023, contracting of product tanker newbuilds hit a 10-year high, reaching 140 ships and 10.72 million deadweight tons (DWT). The last time more than 10 million DWT were contracted from January to August was in 2013. Newbuild tanker contracting activity during the past 5 years has been low at about 5.46 million DWT per…
BIMCO has launched a campaign to raise awareness and help support removal of single-use plastic bottles from ships. Today, even if plastics on board ships are sorted, managed, and discharged to shore in a proper way, mismanagement of waste on land means it can still reach the ocean. With up to 1.75 billion plastic bottles a year being used on…