BIMCO has developed a brand new Carbon Intensity Indicator (CII) Clause for Voyage Charter Parties. The clause was adopted by BIMCO’s Documentary Committee on October 11 and is the most recent addition to BIMCO’s portfolio of carbon clauses.
“As the shipping industry works towards decarbonization, 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,” says Nicholas Fell, Chairperson of BIMCO’s Documentary Committee.
These clauses goal to facilitate collaboration and supply certainty between shipowners and charterers as new laws come into power, altering the way in which the trade operates to help compliance and minimize emissions.
“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,” says Stinne Taiger Ivø, Director, Contracts & Support at BIMCO.
Other carbon clauses from BIMCO embrace the EEXI Transition Clause, printed in December 2021, and the Emissions Trading System Allowances (ETSA) Clause for Time Charter Parties, printed on the finish of May 2022.
