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It is a daunting task so prepare a fleet of ships for the sulphur regulations. Therefore, BIMCO has, together with the partners behind a new IMO-proposal, made a draft for an implementation plan for achieving compliance with the 0.5% global sulphur cap. The plan has the additional purpose of showing the good faith of the ship operator during inspections.
On 2 May, we kicked off the latest in a series of membership networks, the Environmental, Social & Governance (ESG) network, with the aim to bring together all stakeholders across the membership who want to both share and acquire knowledge on best ESG practices as the topic gains momentum amongst the global shipping community and wider.
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.
The shipping industry is estimated to be responsible for around 3% of annual greenhouse gas emissions. Work towards decarbonisation is underway and the challenge is immense. Finding solutions – from fuels to technology – to facilitate one of the biggest transitions ever faced by the maritime industry must be a priority. There is lots being done and there is still so much more to do. There is no turning back.
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+45 44 36 68 00Lines are open Mon-Thurs 08:30-17:00 (CET) Fri 08:30-16:00 (CET)