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Bimco adopts CII clause

Article-Bimco adopts CII clause

Bimco BIMCO House
Bimco has adopted a clause in its time charter contract to handle upcoming IMO Carbon Intensity Indicator (CII) regulations.

The clause starts from the position that the charterer should take responsibility for CII as the decision maker for ship operations wihich will impact the vessel's CII rating.

“When entering into the charter party, or incorporating the clause into an existing charter party, the parties are to agree on a specific CII to be achieved each year,” said Bimco.

CII regulations enter into force in January 2023 and will rate vessels based on their CO2 emissions per cargo capacity per nautical mile travelled. The regulation is expected to dramatically impact vessels deployments and operations as owners and operators look to attain and maintain certain CII ratings.

“Shipowners and charterers must embrace new ways to co-operate, and new clauses for charter parties will be needed to help owners and charterers succeed,” said Bimco.

“After more than eight months of deliberation and consultation, we have arrived at a clause which serves as an excellent starting point for negotiations for owners and charterers and which is workable in practice. The new clause will be reviewed as the underpinning regulatory regime develops,” said Nicholas Fell, Chairperson of Bimco’s Documentary Committee.

“The CII clause is the latest addition to Bimco’s suite of carbon clauses for time charter parties. The subcommittee will now continue its work to develop further clauses (such as a CII clause for voyage charter parties) to assist charterers and owners responding to new regulatory requirements, regardless of whether they come from the IMO, EU, or elsewhere,” says Stinne Taiger Ivø, Director, Contracts & Support at Bimco.

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