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Shipmanagers and owners ponder ETS contractual responsibilities

30 June 2022

Shipmanagers and owners, assisted by legal and insurance experts, are grappling with the complexities of drafting a clause for SHIPMAN that sets out the responsibilities for administering and surrendering emissions allowances under an Emissions Trading Scheme (ETS). Although the clause is being written to work with any ETS, the primary focus is on the EU ETS, which is the world’s largest carbon trading scheme, soon to embrace shipping.

BIMCO aiming to complete CII and ETS Clauses for publication in May

28 April 2022

Work continues apace to prepare two important carbon clauses for publication in May. The most of challenging of these tasks is the development of a CII Compliance Clause for Time Charter Parties. Technical, commercial and legal experts have been meeting weekly for many months to try to find a practical solution for owners and operators operating under the new CII regime. As of 2023, ships will enter an annually narrowing emissions “corridor” where owners and charterers will need to work closely together to ensure continuing compliance. The BIMCO CII Clause will need to balance the operational restrictions imposed on owners by the low carbon regime against allowing charterers to optimise the ship’s commercial activity during the charter period.

Recorded webinar - The BIMCO ETSA Clause for Time Charter Parties

01 November 2023

Watch Stinne Taiger Ivø, Director, Contracts & Support, BIMCO and Lars Robert Pedersen, Deputy Secretary General, BIMCO explain about the content of the BIMCO ETSA Clause, and the regulatory framework provided by the EU revision of the ETS Directive.