With the shipping industry facing an increase in new regulations from IMO and the European Union leading to increased urgency to decarbonise, BIMCO has developed a new CII Clause for Voyage Charter Parties.
This latest addition to BIMCO’s portfolio of carbon clauses has now been adopted by BIMCO’s Documentary Committee.
Documentary Committee chair Nicholas Fell said: “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.”
In November 2022, BIMCO’s Documentary Committee adopted the CII Operations Clause for Time Charter Parties ahead of the IMO’s carbon intensity indicator (CII) regulation which entered into force on 1 January 2023. After its publication a new subcommittee was tasked with developing the new CII Clause for Voyage Charter Parties.
These clauses aim to facilitate collaboration and provide certainty between shipowners and charterers as new regulations come into force, changing the way the industry operates to assist compliance and cut emissions.
Stinne Taiger Ivø, BIMCO Director, Contracts amd Support said: “The new CII clause focusses 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.”
Other carbon clauses from BIMCO include the EEXI Transition Clause, published in December 2021, and the Emissions Trading System Allowances (ETSA) Clause for Time Charter Parties, published at the end of May 2022.
