BIMCO adopts portfolio of four ETS clauses
08 December 2023BIMCO’s Documentary Committee has adopted a new Emission Trading Scheme Allowances Clause for BIMCO’s ship management agreement, SHIPMAN, and three ETS clauses for Voyage Charter Parties.
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BIMCO’s Documentary Committee has adopted a new Emission Trading Scheme Allowances Clause for BIMCO’s ship management agreement, SHIPMAN, and three ETS clauses for Voyage Charter Parties.
The Emissions Trading System Allowances (ETSA) Clause 2022 for Time Charter Parties is now available to download free of charge from BIMCO’s website.
The Chinese Ministry of Transport has announced new regulations requiring all ships imported for domestic use, and Chinese flagged ships for international use, to be compliant with IMO Tier II emissions standards from 1 September 2018, in a bid to cut NOx emissions from diesel engines.
BIMCO's updated position has been approved by the BIMCO Board of Directors.
The shipping industry is facing an increase in new regulations from the International Maritime Organization (IMO) and the European Union (EU) and an increase in the urgency to decarbonise. To support the industry, BIMCO has developed a portfolio of new emission trading scheme (ETS) clauses.
The global maritime transport industry has submitted a proposal to form the world’s first collaborative shipping R&D programme to help eliminate CO2 emissions from international shipping. The proposal includes core funding from shipping companies across the world of about USD 5 billion over a 10-year period.
The revised IMO GHG reduction strategy agreed during the IMO Marine Environment Protection Committee meeting (MEPC 80) in London on 7 July 2023 marks a new beginning of the efforts to limit shipping’s GHG emissions.
BIMCO's position on "greenhouse gases emissions" has been approved by the BIMCO Board of Directors.
BIMCO and its partners have submitted the Glossary of Climate Change Definitions to MEPC 81. To ensure consistent terminology, it is proposed that MEPC agrees to develop a glossary of definitions relevant to the reduction of GHG emissions from shipping. This is intended to harmonise the language used within the shipping industry.
Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.