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BIMCO participated in the second workshop at IMO for the preparation of the initial strategy on reduction of greenhouse gas (GHG) emissions from ships last week in London.
The Intersessional Working Group on reduction of greenhouse gas (GHG) from shipping had its first online meeting this week to advance the work on short term measures in support of the International Maritime Organization’s (IMO) initial strategy on reduction of GHG from ships.
BIMCO has published a climate change glossary to clarify and harmonise definitions and terminology to ensure that the discussions around climate change and potential solutions for the shipping industry are based on a mutual understanding of what the commonly used terms mean.
This clause is one from a suite of three clauses developed by the subcommittee for the voyage charter party context. The objective was to provide industry stakeholders with the flexibility to choose a procedure suitable for their specific trade and business. You should consider whether this Emission Scheme Freight Clause for Voyage Charter Parties is the one best suited to your specific circumstances or whether the ETS – Emission Scheme Surcharge Clause for Voyage Charter Parties 2023 or the ETS – Emission Scheme Transfer of Allowances Clause for Voyage Charter Parties 2023 would be more appropriate. As the title suggests, this ETS – Emission Scheme Freight Clause for Voyage Charter Parties 2023 deals with all costs arising from the surrender of emission allowances for the voyage by including them into the freight rate. The basis of the clause is that the voyage charterer will be the one effectively paying the owner for the emission allowances required for the voyage. The owners then remain responsible for surrendering the appropriate number of emission allowances in accordance with the applicable Emission Scheme.
The Emissions Trading System Allowances (ETSA) Clause 2022 for Time Charter Parties is now available to download free of charge from BIMCO’s website.
BIMCO has established a dedicated subcommittee to examine the implications of the FuelEU Maritime Regulation, a key component of the EU's Fit for 55 legislative package. The regulation is a central pillar of the EU's commitment to reducing greenhouse gas emissions by at least 55% by 2030 and achieving climate neutrality by 2050.
In September last year the European Parliament voted for the inclusion of greenhouse gas (GHG) emissions from ships over 5,000 gross tonnes in the emissions trading system (EU ETS) by 1 January 2022. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book.
