Warning on shipping delays, higher rates

Hong Kong maritime authorities said they can now detain vessels failing to comply with just-implemented international antiterrorism standards, Bloomberg reported. The result could be higher shipping costs, forcing up rates. Ship owners said rates had already doubled for some dry-bulk and oil carriers due to rising demand for code-compliant vessels. Ships must now be certified under the International Ship and Port Facility Security code. About 86% of 22,539 ships the International Maritime Organization (IMO) surveyed have submitted security plans for approval. The IMO, a UN body, imposed the rules in response to 9/11.