The global economy started in 2018 on a positive note but, as industrial production decelerated, trade slowed and business confidence fell, the momentum lost steam.
Global growth, which peaked at close to 4% in 2017, moderated to 3.6% in 2018 and is projected to decline further to 3.3% in 2019. With improvements expected in the second half of 2019, global economic growth in 2020 is projected to return to 3.6%.
A lot of the uncertainties have concerned the availability, cost and the characteristics of compliant fuels. Non-compliance usual methods include vessel detention with the threat of banning orders for repeat offenders and financial penalties.
IMO has also included guidance on the action to be taken in the event of a scrubber failure.
The delivery of fewer newbuildings has led to an aging yet still expanding Greek fleet capacity wise though the number of shipping companies is in steady decline according to a new study of the Greek shipping.
IMO’s Sub-Committee on Pollution Prevention and Response (PPR) meets this week (18-22 February) at IMO headquarters. The meeting will focus on finalizing draft Guidelines on consistent implementation of the 0.50% sulphur limit under MARPOL Annex VI.
Kitack Lim has been given a second four-year term as Secretary General of the International Maritime Organization (IMO).
The International Convention for the Control and Management of Ships’ Ballast Water and Sediments, 2004 (BWM Convention), is concerned with preventing, minimizing and ultimately eliminating the risks to the environment, human health, property and resources arising from the transfer of harmful aquatic organisms and pathogens, through the control and management of ships’ ballast water and sediments.
International Ship Engineering Service (ISES) Association is please to invite you to join us during SMM exhibition, Hamburg – Germany.
We look forward to you visiting us in Hall B8, Stand 135
Shipowners have ordered or installed scrubbers for nearly 1,000 vessels as the uptake in exhaust gas cleaning systems rapidly accelerates ahead of the 1 January 2020 0.5% global sulphur cap from the IMO.
According to the Exhaust Gas Cleaning System Association (EGCSA) the number of ships with scrubbers either installed or on order stood at 983 as of 31 May this year.
The dry bulk shipping industry appears to be quite strong, with slowly increasing global trade volumes.
Time charter rates were broadly lower in the first quarter 2018 compared to the fourth quarter 2017 but this does not appear to be due to lower shipping volume.
International Ship Electrical & Engineering (ISES) Association is please to invite you to join us during Posidonia exhibition, Athens – Greece.
We look forward to you visiting us on Stand 1-129 where you can meet our President, several members and me.