The shipping sector is facing a rise in new rules from the International Maritime Organization (IMO) and the European Union (EU), as well as an increased urgency for decarbonisation.
“As the shipping industry works towards decarbonisation, the need for new contracts and clauses increases. We are working constantly to ensure that BIMCO’s contracts and clauses are fit for purpose as the regulatory landscape changes,” stated Nicholas Fell, chairperson of BIMCO’s Documentary Committee.
BIMCO has created a new CII Clause for Voyage Charter Parties to assist the industry. On 11 October, BIMCO’s Documentary Committee approved the proposal, which is the newest addition to BIMCO’s portfolio of carbon clauses.
The CII Operations Clause for Time Charter Parties was agreed by BIMCO’s Documentary Committee in November 2022, ahead of the IMO’s carbon intensity indicator (CII) rule, which went into effect on 1 January 2023. Following its release, a new subcommittee was formed with the purpose of establishing a CII Clause for Voyage Charter Parties.
“The new CII clause focuses on course adjustment and speed reduction and includes commercial elements such as data sharing. Throughout the process, drafts were shared with the Documentary Committee and a sounding board consisting of charterers and traders for consultation and comments,” noted Stinne Taiger Ivø, director, of contracts & support at BIMCO.
BIMCO also issued the EEXI Transition Clause in December 2021 and the Emissions Trading System Allowances (ETSA) Clause for Time Charter Parties at the end of May 2022.
