Dry cargo market report dated 25 August 2023
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Dry cargo market report
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BIMCO’s new IOCD Clause focuses on keeping the trade going and avoiding further supply chain issues
BIMCO has updated the Infectious or Contagious Diseases Clause for charter parties
United Arab Emirates, Jebel Dhanna-Ruwais - Crew Issues
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Introduction to drug smuggling
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Japan - Freight tax
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Demand
We estimate that crude tanker demand will increase by 6.5-7.5% in 2024 and 2-3% in 2025. Cargo growth is forecast to be 2-3% in 2024 and 1-2% in 2024. Increased sailing distances due to the Red Sea crisis are expected to lift demand in the first half of 2024, whereas the continued shift of crude sup... Please follow the link to continue reading.
Macro environment
Global economic growth is estimated to have been 3.1% in 2023. The International Monetary Fund (IMF) projects that growth in 2024 and 2025 will end up at 3.1% and 3.2% respectively. The IMF forecasts slower growth for both 2024 and 2025 in the US, China, Japan and India compared to 2023. On the oth... Please follow the link to continue reading.
Sustainability and women in shipping highlighted at IOPC meeting
At the most recent International Oil Pollution Compensation (IOPC) Funds meeting in London, Ban Ki-moon, former United Nations Secretary-General, spoke to representatives, IMO staff and the Funds’ Secretariat about the value of shipping to international trade, climate change and encouraging and empo... Please follow the link to continue reading.
Korea, Republic of - Freight tax
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