A Baltic and International Maritime Council (BIMCO) study has called for tighter regulation of shipping on a global basis that will take practical and pragmatic steps to enhance the environment, according to Exim News Service.

The study also sought more concerted action to suppress piracy and an end to persecution of seafarers involved in environmental accidents.

BIMCO, a trade association of shipowners, managers, brokers, agents and other stakeholders with vested interest in 65 per cent of the world's tonnage, "acts on behalf of its global membership to promote higher standards and greater harmony in regulatory matters. It is a catalyst for the development and promotion of fair and equitable international shipping policy.

BIMCO holds observer status with a number of United Nations organs and is in close dialogue with regulatory institutions in the EU, the US and Asia," its website said.

Its report, "Reflections 2011," sees the need to stimulate domestic demand in Asian nations. It forecasts four per cent GDP growth worldwide-similar to that of 2011-but warns about the significant oversupply in shipping tonnage in all three main sectors, and concludes there is "no short-term comfort discernible, recommending the traditional remedies of idling and recycling to control this tonnage glut."

It predicts that the container sector will face a "challenging year with another 50 per cent increase in the number of very large containerships entering service. Nevertheless, owners are urged to learn from past lessons of "expecting the unexpected", with India perhaps starting to fulfil its import potential during the coming year," a statement said.