BIMCO’s new CO2TIME charter party addresses the insurance, technical and commercial factors involved in CO2 transportation.
BIMCO’s has begun the development of a charter party – named CO2TIME – that will address the issues raised by carbon capture and storage (CCS) processes and the transportation of captured CO2.
The drafting team of industry representatives consists of owners, charterers, brokers and P&I Clubs – as well as technical and legal experts – who are involved in the CCS supply chain. The team has met regularly since April 2024 and expects to have a draft prepared for wider industry consultation in early 2025.
The drafting team of experts includes:
- Marcus Dodds (Capital Group)
- John Reay (Navigator Gas)
- Jocelyn Harriman (Ineos)
- Marceli Marczyński (Orlen Trading)
- Martin Halcrow (Babcock)
- Tommy Baggio (Clarksons)
- Elwin Taylor (Clarksons)
- Andreas Fjærvoll-Larsen (Wikborg Rein)
- Krester K. Kjær (Skuld P&I Club)
- Peter Hazell (Skuld P&I Club)
- UK P&I Club (Mark Rudd)
Marcus Dodds, General Counsel of Capital Group, is leading the drafting team. He said: ‘Shipping has a key role to play in CCS and we want to develop a standard form that addresses the unique characteristics of the transport of CO2 whilst fairly allocating the rights and responsibilities of the parties.’
The charter is not limited to CO2, however. Dodds continues: ‘Our aim is to develop a form which also caters for the transport of other gases such as liquefied petroleum gases and petrochemical gases, given that the ship’s specifications will typically permit such transport.’
Source: BIMCO