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…
UNDERSTANDING INTERNATIONAL REQUIREMENTS FOR MARITIME CYBER SECURITY RISK MANAGEMENT In response to the growing threat of cyber-crime, the International Maritime Organization (IMO) has issued Resolution MSC.428(98). This regulation has since been complemented by other guidelines, notably those developed by the Baltic and International Maritime Council (BIMCO) for cyber risk management. These guidelines lay out high-level recommendations for incorporating cyber risk management into existing safety management…
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…
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Cleaning a ship’s submerged parts from barnacles and other growths, while the ship is in the water, can transfer invasive species to local marine environments unless it is properly cleaned and the debris is captured. To combat this problem, and to provide clarity and quality assurance to shipowners, ports and government authorities, BIMCO and the International Chamber of Shipping (ICS)…
by Ambassador Carlos C. Salinas Philippine Ambassador to Spain, Chairman and CEO, Philippine Transmarine Carriers, Inc. and Chairman, Filipino Shipowners’ Association (Speech delivered during the 11th LSM Manning & Training Conference, November 18, 2010) In the aftermath of the global financial crisis observers note that the center of gravity of the world economy has shifted to the Asian hemisphere. The…