BIMCO publishes time charter party targeting the emerging CO2 trade<\/p>\n
BIMCO\u2019s Documentary Committee has adopted a new time charter party which has been developed specifically for the maritime transport of liquefied carbon dioxide (LCO\u2082). The form, CO2TIME 2026, responds to the rapid development of carbon capture, utilisation and storage (CCUS) projects and the need for a standardised contractual framework for maritime transport.<\/p>\n
CO2TIME 2026 is the first time charter party designed specifically for the carriage of liquefied CO\u2082. While firmly focused on the emerging CO\u2082 trade, the form has been drafted with sufficient flexibility to allow its use for other liquefied gases, such as LPG.<\/p>\n
\u201cCO\u2082 transport is a developing trade with a unique risk profile but at the same time, it is closely connected to already established gas shipping practices. CO2TIME 2026 has been designed to bridge this gap by providing a familiar time charter structure while addressing the specific technical, operational and regulatory challenges associated with CO\u2082 carriage,\u201d says Deputy Secretary General & Director of Contractual Affairs at BIMCO, Stinne Taiger Iv\u00f8.<\/p>\n
A key objective of the drafting committee was to build on familiar concepts from the gas tanker sector.<\/p>\n
\u201cBy retaining well\u2011established time charter principles and adapting them to the specific characteristics of CO\u2082 transport, CO2TIME 2026 aims to reduce contractual uncertainty and support owners, charterers, financiers and project developers entering this market,\u201d says Nicholas Fell, Chair of BIMCO\u2019s Documentary Committee.<\/p>\n
The charter party includes a range of provisions reflecting the operational realities of CO\u2082 transport. Liabilities and costs are also allocated by reference to the party controlling the relevant operational decision, providing a practical framework for day\u2011to\u2011day operations.<\/p>\n
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