One year since the Galaxy Leader attacked by Houthis in the Red Sea and the crew taken hostage. Statement from BIMCO Secretary General & CEO, David Loosley
Updated security guidance applicable to navigating in the Southern Red Sea and Gulf of Aden issued by BIMCO, ICS, CLIA, IMCA, INTERCARGO, INTERTANKO and OCIMF
The World Shipping Council, the International Chamber of Shipping and BIMCO today expressed their thanks to the 12 nations that have jointly condemned the ongoing illegal attacks on ships in the Red Sea
In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses VOYWAR 2013 and CONWARTIME 2013
BIMCO has received two security advisories which are shared below.
Revised interim transit guidance for Southern Red Sea and Gulf of Aden
BIMCO would like to remind all members of the need to remain vigilant and report all suspicious activity to UKMTO when transitting through the southern Red Sea in the area of Bab el Mandeb.
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For crude tankers, we have maintained our cargo volume growth forecast at 1.5%-2.5%. However, lower than expected cargo volumes in the second half of 2024 have meant that full year 2024 volumes will end lower than we previously predicted. Consequently, our absolute cargo volume forecast has been low... Please follow the link to continue reading.
For 2025, we forecast a slight strengthening of market conditions for crude tankers and a slight weakening for product tankers. Our demand forecast for both sectors is an increase of 2.5%-3.5% in 2025 but the product tanker market will have to contend with faster growth of the fleet and supply. Our... Please follow the link to continue reading.
