Explanatory Notes
BIMCO members have access to the supporting explanatory notes.
CO2TIME 2026 includes a number of provisions that are specifically tailored to the liquefied CO₂ trade, reflecting the regulatory, technical and operational characteristics of CO₂ transportation. At the same time, the form has been drafted with sufficient flexibility to allow its use for the carriage of other liquefied gases, such as liquefied petroleum gases (LPG), where appropriate.
In 2024, BIMCO decided to develop a dedicated time charter party for the maritime transport of liquefied CO₂, resulting in CO2TIME 2026.
To support market acceptance and practical usability, the overriding objective of the subcommittee responsible for drafting the form was to retain the familiarity of established concepts from the gas tanker trade, while adapting and supplementing those concepts to address the particular features of liquefied CO₂ transport. This approach is intended to reduce uncertainty for users while providing a contract framework that is fit for purpose for emerging CO₂ transport projects.
These Explanatory Notes below (member login required) are intended to assist users in understanding the background, structure and operation of the clauses in CO2TIME 2026. They do not form part of the contract but are designed to explain the rationale behind key provisions and highlight how the form responds to the specific requirements of the trade.
BIMCO would like to thank the members of the drafting subcommittee for their commitment to the project and for their considerable efforts in developing CO2TIME 2026.
- Marcus Dodds, Capital Gas (Chairperson)
- John Reay, Navigator Gas
- Jocelyn Harriman, Ineos
- Marceli Marczyński, Orlen Trading
- Martin Halcrow, Babcock
- Tommy Baggio, Clarksons
- Elwin Taylor, Clarksons
- Krester K. Kjær and Peter Hazell, Skuld
- Peter Hazell, Skuld
- Karolina Mentz, UK Club.
BIMCO secretariat support was provided by Carl Lindahl and Indu Chitran.
As part of the development work, the drafting committee consulted a wide group of stakeholders. Sincere thanks are extended to all the stakeholders for their support and valuable input to the process.