On 9 October BIMCO’s Documentary Committee (DC) met in Copenhagen to review ongoing drafting projects, in particular the work being undertaken to develop clauses to address the forthcoming FuelEU Maritime regulation.
In it’s latest meeting, BIMCO’s Documentary Committee devoted attention toward the various contractual solutions under discussion for FuelEU Maritime, which will come into effect on 1 January 2025.
The DC reviewed the contractual developments related to FuelEU Maritime (such as pooling and bunker supply agreements) as well as projects relating to decarbonisation, which concern the sharing of vessel data. Any such projects will begin as soon as the current drafting work has been finalised.
These clauses are expected to provide a clear framework for shipowners and charterers to navigate the complexities of emissions reductions, ensuring contracts remain aligned with new regulatory obligations.
Nick Fell, DC Chairperson and a representative of BW Group, explained the importance of these new clauses: “With the entry into force of FuelEU Maritime fast approaching, it is critical that the industry has the necessary contractual tools to meet these decarbonisation targets”.
The draft was presented for a first review at the meeting, and the DC had a number of comments for consideration. The subcommittee will be meeting again at the end of October to continue its work, and the clause is planned for adoption in early 2025.
Source: BIMCO