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
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.
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
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
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 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
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.
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.
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
The members of THE Alliance announced a contingency plan in the event a member of THE Alliance suffers a bankruptcy. The five member lines Hapag Lloyd, K Line, Mitsui OSK Lines, Nippon Yusen Kaisha and Yang Ming will establish an independent trustee to manage funds to be used
German container shipper Hapag-Lloyd on Friday postponed the completion date for its takeover of United Arab Shipping Company (UASC) to May 31 from March 31, but said the deal, worth 7 to 8 billion euros ($7.52-8.60 billion), was not at risk.
South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company’s officials.
The U.S. Justice Department has ordered top executives from several container shipping lines to testify in an antitrust investigation into an industry that is the backbone of global trade, the companies said on Wednesday. The world's biggest container shipper, Denmark's A.P
Two container shipping lines, France's CMA CGM and Israel's Zim, have signed up with Alibaba to allow customers to book space on their vessels through the Chinese e-commerce giant, in a bid to boost sales as the sector battles a severe downturn.
Trucks coming to load or unload containers in the Deurganck dock in the port of Antwerp will also be able to call at night as of 20 March. The container terminals MSC PSA European Terminal (MPET) and DP World Antwerp Gateway, both located in the Deurganck dock
A South Korean court declared Hanjin Shipping Co Ltd bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern. Hanjin Shipping, which had been the world's seventh-largest container shipper
The new container carrier SM Line, owned by South Korean Samra Midas (SM) Group, will launch its first service in the second week of March. The shipper which took over Hanjin's service network between Asia and the US, will also take over several of Hanjin's terminals in South
APL today announced the launch of Eagle Guaranteed, a promise of day-definite arrival of shipment on the Eagle Express (EX1) service via the Global Gateway South (GGS) Terminal in Los Angeles to the rail yards of Chicago, Columbus, Dallas, El Paso, Kansas City and Memphis in the Americas
The Georgia Ports Authority and the Virginia Port Authority filed on Friday, Feb. 24, 2017, with the Federal Maritime Commission (FMC) to create the “East Coast Gateway Terminal Agreement.” The agreement encourages voluntary cooperation in the areas of operational and supply chain
ICTSI Oregon, Inc. and the Port of Portland have mutually agreed to terminate a 25-year lease agreement to operate the container facility at the Port’s Terminal 6. The agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective March 31, 2017
** Dry bulk shipper Golden Ocean's CEO Birgitte Ringstad Vartdal says industry now faces more positive outlook after market brutal downturn ** Says demand is picking up, supported by increase in steel consumptions both in China and in the rest of the world; coal demand is a swing factor
IBM and Danish transport company Maersk said they were working together to digitize, manage, and track shipping transactions using blockchain technology. The technology, which powers the digital currency bitcoin, enables data sharing across a network of individual computers
Hanjin Shipping, once the country's top shipping line, will be delisted from the domestic bourse today (March 7), ending its eight-year trading history, Yonhap News Agency said citing industry sources. According to the Korea Exchange (KRX) the company will be delisted from the
Spot container freight rates from North Europe to China increased by 45 percent this week, reaching a four-year high. The “World Container Index assessed by Drewry” market reading on the route from Rotterdam to Shanghai jumped to $1,076 per 40ft dry container today