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BIMCO introduces the FuelEU Maritime Clause for Time Charter Parties 2024 to assist the shipping industry in complying with the upcoming FuelEU Maritime Regulation, effective from 1 January 2025.   Key aspects of the clause include: 🚢 Designated compliance responsibility: The shipowner is identified as the party responsible for adhering to the FuelEU Maritime requirements. 🚢 Flexibility for charterers: In longer-term charter agreements, charterers can choose their compliance strategies, such as utilizing pooling, banking, or borrowing mechanisms. 🚢 Collaborative development: The clause was formulated with input from shipowners, charterers, P&I clubs, legal experts, and other stakeholders to ensure practical applicability across various scenarios.   This initiative is part of BIMCO's broader effort to support the industry amid increasing decarbonization regulations from the EU and the International Maritime Organization (IMO).   👉 Learn more about BIMCO's FuelEU Maritime Clause: https://lnkd.in/e98-SuWu   #maritimelaw #decarbonization #fueleu #shippingindustry   BIMCO, OceanScore Albrecht Grell

BIMCO adopts FuelEU Maritime clause BIMCO's latest addition to carbon clauses is the FuelEU Maritime Clause for Time Charter Parties 2024 which is designed for incorporation into time charter parties. Read more here : https://lnkd.in/eD7QEtm7

FuelEU MARITIME CLAUSE FOR SHIPMAN 2024 FuelEU Maritime has the potential to significantly impact the shipping industry, even more so than the EU Emissions Trading System, and may require stakeholders to take measures to align their contractual frameworks even before the regulation comes into force in 2025. FuelEU Maritime clause (can be reached by clicking on the link below) is designed for incorporation into BIMCO’s SHIPMAN and care should be taken to use this as an add on in other contracts to ensure that it delivers its desired contractual effect. Copyright in the FuelEU Maritime Clause for SHIPMAN 2024 is held by BIMCO...... https://lnkd.in/dRc45f5F

In the ever-changing seas of shipping regulations, the BIMCO FuelEU Maritime Clause for SHIPMAN 2024 is a game-changer, guiding the industry towards a greener future. This clause provides clarity on GHG Intensity management, defines responsibilities for Owners and Managers, and offers a solid approach to handling potential FuelEU Penalties. Excited to see how this will shape a more sustainable future for shipping! Check out the full update here: https://lnkd.in/dRc45f5F #BIMCO #FuelEU #Maritime #Sustainability #GREENSHIPS #SHIPMAN2024 #GHGReduction #ShippingIndustry

Effective January 1, 2025, the FuelEU Maritime Regulation mandates a gradual reduction in GHG intensity for energy used by ships. The regulation applies to: - All ships of 5,000 gross tonnage and above, regardless of flag, when calling at ports within the European Economic Area (EEA). - Both EU and non-EU shipping operators, covering emissions from voyages to, between, and from EU ports, as well as at-berth activities. In this article, we explain the impact of the FuelEU Maritime clauses and how to align your operations with these new requirements. 📖 Read the full article here: https://lnkd.in/dViNSPgb #MarlinBlue #FuelEUMaritime #CharterParties #Decarbonization #BIMCOClauses #ShippingContracts

BIMCO's FuelEU Maritime clause is a crucial step for the shipping industry, introducing carbon reduction targets from 2% in 2025 to 80% by 2050. It clarifies penalties between shipowners and charterers, promoting shared responsibility. Developed through extensive industry collaboration, this clause supports compliance with new regulations while encouraging innovation for a sustainable maritime future.

🚢 BIMCO FuelEU Maritime Clause for Time Charter Parties 2024 Published After extensive work by a dedicated subcommittee and input from industry stakeholders, the BIMCO FuelEU Maritime Clause for Time Charter Parties 2024 is now available! This clause addresses how to allocate responsibilities and benefits between owners and charterers under the FuelEU Maritime Regulation, ensuring it’s both commercially practical and aligned with regulatory requirements. You can now access the clause on our website, with explanatory notes to follow soon. Find the clause here: https://lnkd.in/dx8XuQpz #BIMCO #FuelEU #FuelEUMaritime

BIMCO adopts FuelEU Maritime clause for charter parties BIMCO FuelEU Maritime Clause for Time Charter Parties 2024 is developed to help stakeholders align their contractual frameworks ahead of the FuelEU Maritime regulation. Antonia Panayides, partner in Reed Smith LLP’s Transportation Industry Group who serves on the BIMCO drafting committee for FuelEU Maritime, said: “The new FuelEU Maritime Clause for Time Charter Parties is important for the industry, as the Regulation expressly provides that parties should look to their contractual agreements to implement the ‘polluter pays’ principle. https://lnkd.in/ghXbEaKY #bunkers #bunkering #maritime #shipping #marinefuel #marinefuels #bunkerindustry #bunkerfuel #imo2030 #imo2050 #sustainable #decarbonisation #decarbonization #marine #emissions #zeroemission #zeroemissions #fueleu #maritimenews #maritimeindustry #maritimetransport #maritimesector #maritimeservices #shippingnews #shippingindustry #shipsandshipping #shippingworldwide

𝗕𝗜𝗠𝗖𝗢 𝗙𝘂𝗲𝗹𝗘𝗨 𝗠𝗮𝗿𝗶𝘁𝗶𝗺𝗲 𝗖𝗹𝗮𝘂𝘀𝗲 𝗳𝗼𝗿 𝗦𝗛𝗜𝗣𝗠𝗔𝗡 𝗽𝘂𝗯𝗹𝗶𝘀𝗵𝗲𝗱 The clause arrives ahead of the implementation of the FuelEU Maritime Regulation which will enter into force on 1 January 2025. The adoption of the clause following the recent adoption of the FuelEU Maritime Clause for Time Charter Parties 2024 in November, is part of BIMCO’s continued commitment to support the shipping industry as it navigates the growing wave of decarbonisation regulations from the European Union and the International Maritime Organization (IMO). Over the past year, BIMCO has also adopted several other environmentally-focused clauses, including the Emission Trading Scheme Allowances Clause for SHIPMAN, and three ETS clauses for Voyage Charter Parties and Contracts of Affreightment. Our portfolio now includes a range of decarbonisation clauses, showcasing our commitment to supporting the shipping industry's transition to a greener future. Nordisk by/ Magne Andersen and Vicki Tarbet have been involved in this important work from our side, with the support of the wider team. https://lnkd.in/dm4aaMN2

The next BIMCO FuelEU clause for SHIPMAN is out!! Key Takeaways: 1. Managers’ Responsibility: Compliance entities tasked with monitoring GHG intensity and submitting FuelEU reports. 2. Owners’ Support: Must provide essential data, such as BDNs and EDNs, for regulatory adherence. 3. Flexibility in Compliance: Balances can be banked, borrowed, or pooled as per Owner’s directives. 4. Penalty Accountability: FuelEU penalties, if incurred, are payable by Owners, with security measures outlined. 5. Surviving Obligations: Rights and responsibilities under the clause remain even after agreement termination.