BIMCO and the Global Shipping Forum have now launched a new standard contract – named “SERVICECON” – which simplifies and harmonises terms and conditions for container volume contracts between shippers and carriers. The new agreement is designed to meet the contractual needs of small to medium sized shippers, which, despite the large number and global value of the shipments they transport, often lack the legal resources to develop their own agreements with carriers. Following a two year period of discussions between carrier and shipper representatives, the BIMCO/GSF SERVICECON Standard Service Contract has been developed to provide a basis for container volume agreements. It provides a comprehensive starting point for negotiations and helps to smooth and speed up the contractual process. Shippers and carriers can amend the contract to suit their individual commercial needs, providing the flexibility needed for making commercial agreements. Grant Hunter, Chief Officer Legal and Contractual Affairs at BIMCO, said, “We are delighted to have worked together with GSF to produce this new standard service agreement that will benefit the industry by its simple wording and fair reflection of the interests of shippers and carriers. “It has been designed to be used as a framework container volume service-level agreement for the liner trades – and to be adaptable for commercial parties’ individual needs and
As of July 1st, 2016, the enforcement of the Safety of Life at Sea Convention (SOLAS) requirements regarding the verification of the gross mass of packed containers will be applicable. A packed container will not be allowed to be loaded on board vessels to which the SOLAS Convention applies unless the Verified Gross Mass (VGM) of the container has been provided to the ship’s master or his representative and to the terminal or its representative sufficiently in advance to
Carriers hoping for a respite from difficult market conditions with the traditionally buoyant peak season may be disappointed as a recent survey has revealed that shippers expect this year’s peak season to be subdued. Shippers tell Drewry survey they don’t expect much of a volume uplift in the third-quarter peak season. Nearly half of the 51 shippers who responded to the survey by Drewry Supply Chain Advisers said they expect volumes for the third-quarter
The U.S. Census Bureau issued a Notice of Proposed Rulemaking (NPRM) that would, if adopted, require shippers who export items identified on the Commerce Department Commerce Control List (CCL) or the State Department United States Munitions List (USML) to file the Shipper's Export Declaration (SED) electronically via the Automated Export System (AES)/AESDirect. Comments on this proposal must be submitted by December 9, 2002.
A Federal Energy Regulatory Commission judge annulled committed shipper rates on the Cushing-to-Texas Seaway pipeline on Friday, despite objections from energy companies who say it could jeopardize billions in infrastructure investment. Administrative law Judge Karen Johnson upheld a ruling she made last September, saying the contracts that Seaway Crude Oil Pipeline Company LLC negotiated with committed shippers must be "disturbed" because of the
An INTTRA, SeaIntel, collaboration reports 'On-Time Performance & Schedule Reliability' of the ocean shipping industry INTTRA, an active worldwide network for ocean shipping, and SeaIntel, container shipping market analysts, announce the availability of the initial publication of the industry’s only shipping reliability report that combines on-time performance with schedule reliability measures. “For the first time shippers can now analyze actual container delivery time
The Research and Special Programs Administration (RSPA) of the U.S. Department of Transportation has published a Notice of Proposed Rulemaking (NPRM) proposing new requirements to enhance security of hazardous material (HAZMAT) transported in commerce. Shipping papers would be required to include the name and address of the consignor and consignee and the shipper's DOT HAZMAT Registration Number, if applicable. Shippers and carriers of certain highly hazardous materials would be required to
MarAd Administration will present the Shipper Award to the Fluor Corporation of Aliso Viejo, Calif, for their continuing support of the United States Merchant Marine. Acting Deputy Maritime Administrator Julie Nelson will present the award in a ceremony hosted by the Propeller Club of the United States at the Washington Navy Yard. Fluor has moved more than 32,000 metric tons of Iraq reconstruction cargoes and maintained a continuous supply chain through Iraqi ports.
An earlier forecast that Arctic shipping would face problems from severe weather has not been realized, experts now see no major disruptions to winter shipping. Thickening of ice, which had been officially forecast to start this year 10 to 15 days earlier than normal, did not happen, sources said, adding that it is now believed that shippers will see easier winter conditions in that region.
The shipping industry is in a better position to cope with soaring fuel prices because of growth in trade as Asia recovers economic crisis, analysts said. The price of bunker fuel, which typically makes up about five percent of a shippers' total operating costs, has over the past six months doubled to $140 per ton. The spoils from improved conditions have not been evenly shared within the industry, with tanker owners the worst hit
Waterways Council, Inc. (WCI) today commended the work of Congress to pass the Water Infrastructure Improvements for the Nation (WIIN) Act, of which the Water Resources Development Act (WRDA 2016) is included, by a vote of 78 to 21 during the lame duck session
Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent. Fewer Middle East cargoes will mean lower freight rates for operators of very large
Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the
Danish shipper Maersk Line, part of A.P. Moller-Maersk, said it is no longer considering Hyundai Merchant Marine for membership in the group, reports Reuters. This is a major blow to the troubled Korean shipping company. Membership in 2M Alliance would have guaranteed HMM a steady
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered
In this white paper, Drewry consultants investigate the drivers behind the accelerating use of new e-business models and online platforms in international shipping transactions and assess the implications for freight forwarders, ocean carriers and those investing in the technology and
South Korea's Hanjin Shipping Co Ltd will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters. Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information
Hyundai Merchant Marine (HMM) has denied reports that it failed to join the global shipping alliance 2M that the company has sought for months as part of its normalization plan. According to Yonhap, "We are still in negotiations (with 2M) to iron out differences
Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing.
APL today announced the launch of the India East Coast Express (IEX) service – a new weekly service which directly connects the North Asia markets of Korea and China to Chennai, India. “The new IEX service facilitates our customers’ growing business need for additional and
Taiwanese government said it will provide 60 billion New Taiwan dollars ($1.9 billion) to support the country’s shipping industry, according to Reuters. The package, announced late Tuesday, involves a credit line with preferential interest rates aimed mainly to help Evergreen
Taiwan's government said on Wednesday it will offer to lend struggling local shippers NT$60 billion ($1.9 billion) at below-market interest rates, to help them cope with the industry's worst downturn. "The global shipping industry is going through a tough time
The 0.5 percent global sulfur cap by 2020 requires marine industry action. “By 2025, up to 20 percent of the global fleet could have [scrubber] technology installed,” estimates DuPont Clean Technologies Marine Business Development Manager, Europe, Marco Dierico
South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters. The judge at the Seoul Central District Court
German container shipping group Hapag-Lloyd reported a rise in third-quarter net profit and said it would press ahead with cut costs and seek economies of scale to cope with the worst downturn the industry has ever seen. Net profit at the Hamburg-based firm came to 8.2 million euros ($8