BIMCO’s Documentary Committee has adopted a new Emission Trading Scheme Allowances Clause for use with BARECON 2017 to help parties allocate emissions compliance responsibilities under bareboat charter agreements.
The clause aligns with existing contractual structures while supporting compliance with the EU ETS and similar emission trading schemes. It is the latest addition to BIMCO’s portfolio of carbon clauses.
In addition, the Biofuel Clause for Time Charter Parties was presented for adoption at the meeting.
However, the Documentary Committee raised a number of aspects that were considered important to address before adoption, particularly in light of the evolving regulatory landscape and the novelty of certain biofuels and their potential impact on vessel operations.
It is therefore essential that the wording is drafted with legal certainty and aligned with the practical realities faced by shipowners and charterers. This reflects the thorough process required for BIMCO standard clauses to be adopted.
The subcommittee will now review the comments and consider any necessary adjustments, with the aim of preparing the clause for adoption.
A further update will be provided as this work progresses.
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