BIMCO is working on creating a new time charter party specifically for the transportation of carbon dioxide (CO2) by sea. This initiative, known as CO2TIME, is aimed at supporting the emerging carbon capture and storage (CCS) market as part of global efforts to address climate change. The target date for adoption of this charter party is late 2025 or early 2026, in preparation for the first commercial projects expected to launch between 2028 and 2030.
A specialist drafting team consisting of representatives from various sectors involved in the CCS supply chain has been meeting regularly since April to develop the CO2TIME charter. They are focused on addressing technical, commercial, insurance, and regulatory aspects related to CO2 transport. The team plans to have a draft ready for industry consultation by early next year.
The expert team working on the CO2TIME charter includes representatives from companies such as Capital Gas, Navigator Gas, Ineos, Orlen Trading, Babcock, Clarksons, Wikborg Rein, Skuld P&I Club, and UK P&I Club. The goal is to create a standard form that offers commercial flexibility for parties entering into long-term CO2 project contracts. Overall, the aim is to create a framework that supports the growth of the CCS market in the years to come.
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