The FuelEU Maritime Regulation, set to take effect on January 1, 2025, requires immediate action from maritime industry stakeholders. To aid in this transition, BIMCO has introduced the FuelEU Maritime Clause for Time Charter Parties 2024, approved by BIMCO’s Documentary Committee on November 25, 2024. This clause aims to help parties align their contracts with the new regulation, as the industry faces increasing decarbonization measures from the EU and IMO.
The newly developed clause provides a standardized language for time charter agreements, offering charterers flexibility in compliance strategies over extended charter periods. Ship owners are tasked with ensuring compliance with the FuelEU Maritime Regulation, with the option to delegate this responsibility to third-party ship management adhering to the International Management Code for the Safe Operation of Ships and Pollution Prevention. BIMCO is also working on a similar clause for their SHIPMAN ship management agreement to address this issue.
Building on previous efforts, BIMCO’s Documentary Committee included an Emission Trading Scheme (ETS) Allowances Clause in the SHIPMAN agreement in December 2023 and approved ETS clauses for Voyage Charter Parties in June 2024. The organization’s carbon clauses portfolio also includes provisions like the Emission Trading Scheme Allowances Clause for Time Charter Parties, the CII Clause for Voyage Charter Parties, the CII Operations Clause for Time Charter Parties, and the EEXI Transition Clause, all aimed at promoting decarbonization in the maritime industry.
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