In hosting ‘BIMCO’s Bunker Terms 2019’ seminar, the centre has once again ensured that stakeholders learn more about risk management specific to contracts that are tied to the changes in regulations applicable to the IMO’s 2020 sulphur cap.In an announcement followed by the IMO’s regulation capping the global fuel sulphur limit at 0.5% being enforced from 1 January 2020, the bunker fuel supply and availability landscape will undoubtedly change and as a result impact the shipping industry.
The seminar further shed some light on the transition of fuels specific to time charter parties that are in place and will overlap the sulphur cap application date.“EMAC is well tuned into maritime and the overall focus on environmental sustainability. Hosting BIMCO for a seminar on a very relevant matter, is yet another way that EMAC is able to add value to maritime stakeholders in the region who may seek alternative dispute resolution support in future,” said Majid Obaid bin Bashir, acting chairman and secretary general, EMAC.
“The shipping industry is in need of contractual clarity and standard contracts and clauses to assist in a period of big change for the shipping community,” said Erik Jensby of BIMCO. “We are delighted that EMAC has provided BIMCO with support to make our presentation in Dubai.”BIMCO is the largest of the international shipping associations representing ship owners. Its membership controls around 65% of the world’s tonnage and it has members in more than 120 countries, including managers, brokers and agents.
For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.